Change of a trustee due to death triggers tax assessment for US stocks held in fund via 706-NA form.

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K Con

15 October 2020
My wife and i have been trustees of our superfund since 2013. The fund is not complex and assets are spread across a cash account, term deposit, Aust stocks and US stocks.
My wife passed away in May 2020 and my son was then installed as the second trustee. My wife's assets were transferred to me within the fund as per the superfund deed.
My broker set up a new trading account number for the Aust stocks and the stocks were transferred across.
When it came to transferring the US stocks to the new account number the broker advised i had to complete a 706-NA form which is issued by the USA Internal Revenue Service (IRS).
The 706-NA form is titled "United States Estate ( and Generation-Skipping Transfer ) Tax Return.
I am trying to understand what amount of tax ( if any ) or tax rate applies when the stocks are held in my superfund. My broker advises the 706-NA form is applies to Aust superfunds in my scenario.
Does anyone have any experience in completing this 706-NA form as it is complex to a lay person and what levels of tax are required to be paid.


  • 706-NA form (002).pdf
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