Sometimes in our lives we are appointed Executors to a deceased estate and have to manage the financial affairs of the estate; this maybe through family or a friend that had no family that requires yourself or other Executors to manage their Estate.
It is in this sad occasions that many matters may have to be dealt with straight away. If their is Real Estate left to be determined whether to keep or sell, that is a matter for the Executors, but this is dependent on ensuring the will is following and ensuring that all Tax Obligations are met, prior to beneficiaries receiving there allotted payments.
In Australian if the principal place of residence was the place of residence for for the deceased person, then as an Executor and/or beneficiary you are exempt. If there were investment properties included, then there is a Capital Gains Tax that will be charged. The most important bit is that the Deceased Estates Real Estate property principal place of residence must be sold within 2 years of the date of death to be Exempt from the capital Gains Tax.
This is a time we do not choose to have the property but will be provided the property based on the will and testament. This must be followed. Be in mind bills that received in the deceased estates name must be paid until the completion of the Deceased Estate's final disbursement of funds paid to a beneficiary or beneficiaries. In most cases real estate properties will have to be sold - refer to your legal representative for proper legal advice.
Click Here for More Information From the Australian Tax Office
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