Deceased Estates Process Course: Estate Duty

This session discusses Estate Duty, however would have been dealt with this during the course of the administration process detailed in previous sessions, as it forms part of the liabilities and in some fortunate cases maybe an asset.

SARS must confirm that the estate is fully compliant before any distributions can be made and finalize the estate.

During this session the SARS’ procedures and requirements for compliance is also explained and the calculation of Estate Duty is demonstrated.

Topics Discussed:

• Outstanding returns of deceased up to date of death
  • All outstanding returns must be filed to date of death
  • New Income Tax profile must be created for the Estate
  • After death income / expenses
  • Deceased’s personal SARS profile must be deregistered
• Estate Duty and the calculation thereof
  • Surviving spouse’s inheritance (section 4q)
  • Maintenance payments
  • Policies paid directly to third parties
  • Administration costs
  • Other exemptions
• Transfer duty
• Any SARS tax is an administration cost in the estate