Death and Taxes
MKG Partners are your trusted advisors for your personal and business tax matters in times of exciting growth and in times of personal stress.
One of the stressful issues that we have to deal with from time to time is the death of a client or a family member of a client. There is a requirement to notify the ATO, to establish authorities to prepare final tax returns for the executor, and in many instances the need to obtain Deceased Estate Tax file numbers and prepare Deceased Estate tax returns.
Other discussions that arise from this subject can include:
- What happens if you or your loved ones dies without a will.
- What happens to the family home if in joint ownership or tenants in common / owned solely by one person.
- Has the deceased individual got investments and the tax consequences for the beneficiaries.
- Superannuation – is there a binding or non-binding death benefit nomination in place?
- Is a super pension that was being paid to the deceased member a reversionary pension that will continue to be paid to the beneficiary.
- What happens to Company and Trust property, investments, and shares?
If these discussions can be tabled before you or your loved ones depart, we can put in place planning to assist family members at these trying and emotional times. One of our key strategic partners is Success Legal who operate from the office next to us. They can provide the key legal guidance in relation to wills, power of attorneys, and guardianships that complements our tax advice.
Be prepared, think ahead, consult with your MKG accountant on the tax implications and make it an easier transition to the next generation. Book in a consultation appointment at your convenience with your accountant whether you are an existing client or a new client wanting to touch base on these matters in general terms.
We are your local Chartered Accounting Practice. We are here to make these times easier and let you be understood.