How to calculate tax for deceased estate for trust tax return.The estate is < 3 years old and no beneficiary is presently entitled.
Estate receives Death benefit superannuation lump sum where the beneficiary is a non-dependant- Taxed element
How to calculate tax for this?
Hi @Adhvi,
Since no beneficiary is presently entitled to the estate's income, the trustee is liable to pay tax on the superannuation death benefit.
For the taxed element of the death benefit where the beneficiary is a non-dependant, the taxable component is assessable income. You'll show the taxed element at label V on your trust tax return.
The estate will be taxed at the deceased estate concessional tax rates since it's less than 3 years old. The tax-free component isn't subject to tax regardless of the beneficiary's dependant status.
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