Categories

Accountant Aged Care Allied Health Andrew Bragg Annuity Apps Asic Asset Finance Asset Planning Asset Protection Asset Protection Strategies Assets Assets and Risks Ato Auction Audit Insurance Australian House Market Report Baby Bonus Bas Binding Death Benefit Nominations Binding Financial Agreement Binding Financial Agreements Body Corporate Bonds Borrowing Brexit Budget Budgeting Business Business Registrations Business Support Business Tax Deduction Business Value Capital Gains Tax Capital Gains Tax: Will Capital Protection Catherine Frost Cgt Checklists Commercial Loans Commercial Property Company Tax Concessional Superannuation Contribution Corporate Trustee Cryptocurrency Darren Foster Debt Debtors Deceased Estate Depreciation Dereen Wallace Director Director Id Divorce Economic Update Economy Emily Kermac Employees Estate Planning Executor Fbt Federal Budget Federal Election Finance Finances Financial Advice Financial Plan Financial Update Franking Credits Government Grants Gst Holiday House Home Office Hybrid Unit Trust Individual Ownership Insolvency Insurance Insurance In Super Interest Rates Investment Investment Loan Investment Loans Investment Property Investments Janet Kohan Jobkeeper Jobmaker Joint Ownership Ken Burk Land Tax Lending Life Insurance Linda Hamilton Loan Repayments Loans Lvr Margin Loans Margin Scheme Market Update Medical Expenses Mortgage Mortgage Broker Mortgage Broking Mygov Negative Gearing Offset Account Overseas Gifts Parental Leave Paris Financial Pat Mannix Payg Payg Variation Pension Practice Valuations Private Wealth Property Property Development Rebecca Mackie Record Keeping Redraw Facility Refinance Renovating Research & Development Retirement Retirement Planning Retirement Savings Salary Sacrifice Scams Self Managed Superannuation Self Managed Superannuation Fund Seminar Shares Small Business Smsf Smsf Borrowing Smsf Property Smsf Self Managed Superannuation Fund Steve Golding Steve Wildes Strategic Business Structuring Structures Subdividing Property Succession Plan Superannuation Superannuation Fund Tanya Hofbauer Tax Tax Benefits for Super Tax Concession Tax Deduction Tax Investment Property Tax Losses Tax Offset Tax Planning Tax Savings Tax-Free Temporary Full Expensing Tenants in Common Tessa Testamentary Trusts Tfe Training Transition to Retirement Trust Trusts Ttr Will Working from Home
Home » E-News » Latest News

Deceased estate checklist

Deceased estate checklist

This checklist will help you manage the Australian tax affairs of someone who has died.

If the deceased person's tax affairs included carrying on a business, you may need to seek further advice from Paris Financial otherwise these are the steps to follow when someone has died:

Step 1. Did the person have a will?

  • Yes – Determine who is the executor. Go to Step 2.
  • No – Have you or someone else applied for letters of administration? If yes, go to Step 2. If no, consider contacting the public trustee or a solicitor to determine if they will act on behalf of the deceased person. If so, they will take any action required.

Step 2. Has probate been obtained by the executor or has the court granted letters of administration?

  • Yes – Go to Step 3
  • No – You may need to provide further information if you wish to establish authority to deal with the tax affairs of the deceased person. Go to Step 3.

Step 3. Notify the tax office of the person's death

You can notify the ATO of the person's death online, or by completing the paper form Notification of a deceased person (NAT 74279) and submitting this by mail or in person at an ATO shopfront.

By doing this, you will have:

  • officially notified us of the person’s death
  • made the ATO aware of relevant parties acting on behalf of the deceased estate, such as the executor or administrator.

If you notify us online, you will need to attend an Australia Post outlet for an interview and present a copy of the death certificate and supporting documents. Otherwise, you will need to present the supporting documents to us at an ATO shopfront or send certified copies by mail.

Alternatively, if you are the executor or administrator Paris Financial can act on your behalf.

Go to Step 4.

Step 4. Do you need to lodge a final individual tax return?

You should also check for outstanding income tax returns for previous years.

  • Yes, a final return needs to be lodged – The final return should cover the period from 1 July of the income year in which the person died up to the date of death. Go to Step 5.
  • No, a final return does not need to be lodged – Complete a Non-lodgment advice for the year and send this to us. On the form, where it asks for ‘Reason for not lodging a tax return’ write ‘DECEASED’ and the date of death. Go to Step 5.

Step 5. Do you need to lodge a tax return for the deceased estate?

  • Yes, a final return needs to be lodged – Go to Step 6.
  • No, a final return does not need to be lodged – If all of the above has been completed, no further information is required by the ATO.

Step 6. Obtain a tax file number (TFN) for the deceased estate

Complete and submit a TFN application for a deceased estate (NAT 3236). This is required as a deceased estate is treated as a trust for tax purposes. Go to Step 7.

Step 7. Lodge the deceased estate tax return(s)

You may need to lodge a tax return each financial year until the deceased estate has been fully administered and is no longer earning income.

If you have any questions or require assistance with a deceased estate please contact Paris Financial on 03 8393 1000.

Steve Wildes, Partner, Paris Financial

Follow me on Twitter

Image courtesy of yodiyim at FreeDigitalPhotos.net


Tags: Deceased Estate | Estate Planning | Steve Wildes | Will |