Vincent IP died November 2025

• 2026 tax return up to November 2025
• and decease tax return if anything after November 2025 for income earned after death - like from rental, bank, etc 

Insurance and death payment:

• if its a tax dependent - more tax efficient to pay the tax dependent since its tax free
• if non-tax dependant - 
  • pay directly to a person it will be 15% + 2% medicare on the taxable component
  • pay to decease estate then estate pay 15% only. no medicare levy. 

The estate is only helpful for tax planning where there are mix beneficiaries like 

• spouse is tax dependant
• adult child is non-tax dependant and hence the executor allocate more to the spouse

though legally speaking this is not correct. ATO will look into the estate as a whole and see what the ultimate entitlement of each beneficiary. if it was made out in the will that it was a 50:50 split then they will make you split it as such . Can't play discretioanry trust distribution metho ideabut