Common misconceptions flagged with deceased estate taxes
Colonial First State has warned advisers on some of the common misconceptions around the taxation and Centrelink treatment of deceased estates and when taxes need to be paid by beneficiaries.
Speaking in a recent podcast, Colonial First State head of technical services Craig Day said that where a client passes away, it’s a common misconception that as long as the estate is kept open, then no beneficiaries need to pay tax and that the assets don’t count for Centrelink purposes.
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