Deceased Estates 2022: Death and taxes
Presenters : Carmen Westermeyer
Overview
Dealing with death and assets is always a challenging affair. From ensuring that the assets are distributed as intended to dealing with the administrative realities of winding up an estate, we need to ensure that the paperwork is correct. In particular, executors of an estate need to understand how wills and intestate succession work to ensure that the wishes of the deceased are met. Executors would also need to ensure that all obligations are met, including the requirements of the master and SARS. The aim of this three-part series is therefore to discuss the requirements of the Administration of Estate Act, the Wills Act, the Intestate Succession Act as well as the tax liabilities of the estate.
Recording 3: Death and Taxes
Understanding the real consequences on the death of an individual gives us the opportunity to plan effectively.
This recording will look at the income taxes that arise on death as well as the estate duty consequences:
- Calculation of an income tax return in the year of death.
- Administrative responsibilities in the year of death.
- Understanding the consequences of different investment types for the calculation of estate duty.
- Calculation of estate duty.
Competencies developed in this recording
After attending this recording, you will be:
- Able to complete the income tax return of a deceased individual and an estate.
- Competent to calculate and complete an estate duty return.
- Informed on how these taxes differ from a standard income tax return.