Deceased Estates

This Deceased Estates software program caters for the tax years post death and before the estate is finally would up.  Although tax assessment programs such as WinTax cater for tax assessment calculations for a person right up until the date of death, a different tax program is required for those tax professionals working with taxes due for the “deceased estate” period.  You see, when a taxpayer dies, the taxpayer’s tax situation then moves to a deceased estate phase.  This deceased estate phase exists until the estate is eventually finalised when the executors will prepare a special assessment for the finalised estate.  The period between the taxpayer’s death and the estate being finalised often takes years. During this period, SARS has been losing out on taxes normally levied on income by way of interest, property rental income, CGT etc.  For this reason, SARS asks the tax professional to register the deceased estate with SARS, get a new tax number for the deceased estate and submit ITR12 returns for every year up until the estate is finalised. This Deceased Estates software program caters for these tax years post death and until the estate is finally wound up.  The Deceased Estate program follows SARS’s 43-page Guide to Estate Taxation including the changes to bank interest exempt amounts, changes to rebates and limited income and deductions etc.  The the program also offers extra fields and options to assist the tax professional in preparing assessments for Deceased Estates.  The Deceased Estates program offers full reports including brought forward and carried forward losses, and also…

  • Deceased Estate’s income from local bank interest with local interest exemption worked out for you.
  • Extra fields for any possible misc local income and taxes deducted (to assist you with the estate assessment).
  • Foreign income earned from Foreign interest
  • Foreign income earned from Foreign dividends including the automatic 20/45 calculation.
  • Foreign Income/Loss from Business/Trade, Farming, Other and CFC’s
  • Any foreign taxes deducted offshore and all s6quat calculations done for you (including foreign CGT)..
  • Full CGT calculator for the Deceased Estate catering for all types of asset disposal using SARS’s valuation method, TAB or 80%/20% rule.  All TAB deemed base cost calculations done for you.
  • Import records of deceased taxpayers from WinTax at the click of a button.
  • Other taxable income from royalties,farming, REITs etc.
  • Other income that is deemed tax-free in the hands of the Deceased Estate.
  • Income (or losses) from Local Business Trade including property rentals etc.
  • SARS’s allowable deductions including 12H deductions.
  • Reports can be viewed on-screen, sent to the printer or sent to a disk file to be edited or sent by email.
  • A special “floating” Auto Summary window may be dragged and moved anywhere, superimposed over any screen.  This screen shows all the Deceased Estate’s income, deductions, taxes etc.  Change any amount for income or deductions and the amounts in the Auto Summary window change.

The Deceased Estates program also offers a host of tax and financial calculators…

  • EMP salary calculators allows you to check the PAYE, maximum RF deduction allowed, SDL and UIF on payslips for taxpayers paid monthly, fortnightly, weekly and daily as well as annual IRP5’s.  All the difficult bonus and/or partial-periods catered for.
  • Unit Trusts.
  • Inflation forwards and backwards projections.  Forward cost projections.
  • Many of these extra calculators come with amortisation and 3-D colour graphs for extra effect.
  • 3 Different Loans calculators including Loan Buster calculator.
  • Life of Invested Capital when drawing inflation-linked income (tax implications included).
  • Investing locally or offshore – which is better?  Rand depreciation catered for.
  • Daily balance calculator.
  • Nominal to Effective Rate calculator.
  • Real Rate of Return on any type of investment – from policies to property investments.