There are no longer death duties and there is no such thing as a gift tax. But…
Probate costs are regulated according to a sliding scale based on the value of the estate. For example, the costs of obtaining a grant of probate in a $600,000 estate is around $4,000 and in a $1,000,000 estate the costs are around $6,000.
In addition, there is a filing fee payable, which for estates between $500,000 and $1,000,000 in value is $1,556.
The legal costs involved in the administration of your estate and the ultimate distribution are not regulated and for estates of this size, would normally be a further $2,000.
The average funeral costs around $10,000.
If tax returns are required regarding your personal affairs or the affairs of the estate, there will be further costs involved. If your superannuation is paid to a “non-dependant” the tax payable can be substantial.
If you would like Manny to address a particular legal issue, send your request to manny.wood@ticliblaxland.com.au
This article is intended to be for information and educational purposes only and cannot be relied upon as legal advice. The information may not apply to your circumstances or to your particular situation. If you need specific advice or you have any questions, we welcome you to contact us directly.
