How do I transfer international shares for deceased estates that are not residents or citizens of the U.S?
Deceased estates for CommSec International Shares Accounts cannot have U.S situated assets released unless required documentation has been submitted to the U.S. Internal Revenue Services (IRS) and either:
- A transfer certificate is issued or,
- A confirmation is received stating a transfer certificate is not required.
What is a transfer certificate and why is it required?
A transfer certificate is a document issued by the U.S Internal Revenue Service (IRS) that confirms the estate has met its U.S estate tax obligations, or that no U.S estate tax is owed.
A transfer certificate will be issued by the IRS when they are satisfied that the tax imposed upon the estate, if any, has been fully discharged or provided for.
How do I request a transfer certificate?
To request a transfer certificate, follow the instructions on the IRS website detailing the transfer certificate filing requirements for estates of non-residents and non-citizens of the U.S.
Generally, if the U.S situated assets in the estate were valued at more than USD $60,000.00:
- Form 706-NA must be filed.
- Follow the requirements listed under Part A of the IRS website here.
Additionally, if the U.S situated assets in the estate were valued at less than USD $60,000.00:
- Form 706-NA is not required.
- Follow the requirements listed under Part B of the IRS website here.
- Typically, if any of the listed requirements are not available, you may be able to include a statement to explain why within the affidavit. The affidavit and supporting documents must be certified copies.
Note: unnecessary use of Form 706-NA will delay the issuance of a transfer certificate.
How do I send documents to the IRS?
Information on how to submit the required documents to the IRS can be viewed on the IRS website here.
According to the IRS, processing these requests usually takes 6–9 months from the time the IRS receives all required documents.
Generally, if the IRS confirms that a transfer certificate is not required, they will send written confirmation instead of issuing a certificate.
What happens next?
Once the Executor or Administrator has been issued the transfer certificate or a confirmation stating a transfer certificate is not required from the IRS, send this to the CommSec Deceased Estates team to release the U.S. assets held on the decedent's International Shares Account.
We're here to help
If you have any questions, please contact us on 13 15 19 or +61 2 8397 1206 if calling from outside Australia, 8am to 6pm (Sydney time). Alternatively, you can email commsecestatesmanagement@cba.com.au.
