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Executor’s Tax Responsibilities in Deceased Estates


Jul 4, 2016


The next installment in our series of posts about deceased estates handles the topic of the executor’s tax requirements. Adelaide accountant Kym Nitschke now discusses an executor’s tax responsibilities in deceased estates and administering the assets.

It’s very important for the executor of a Will to adhere to strict regulations for administering the deceased estate. If more than one executor is named, then the two individuals will have to cooperate to execute the Will.

As an executor, you are now responsible for administering the deceased estate in a way that meets the interests of the beneficiaries named in the Will.

Executors are generally responsible for matters such as locating the Will, arranging the funeral, locating assets and paying debts. But the duties don’t stop there. A deceased individual will likely have some unfinished matters pertaining to tax. The executor is also responsible for this.

An executor’s tax responsibilities include:

– Lodging a final tax return in addition to any outstanding prior-year returns for the deceased person

– Lodging any trust tax returns for the deceased estate

– Getting the beneficiaries the information they need to include distributions in their own returns, and even occasionally by paying tax on their behalf (such as when legally disabled)

Keep in mind that tax liability as an executor is completely separate from your personal tax liability. The only time you are affected is if you have received something because of also being named a beneficiary in the will.

More information relating to deceased estates:

Superannuation death benefits

How beneficiaries are taxed and CGT

An overview of deceased estates for tax purposes

Need some more information on the duties of an executor? Nitschke Nancarrow has the experience to give you the advice you need.

Contact us by calling our office on (08) 8379 9950 or sending me an email.

– Kym Nitschke

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