Losing a loved one is an incredibly difficult experience, and managing their final affairs can feel overwhelming. At Kennedy Cross, we understand the emotional and logistical challenges you’re facing. Our dedicated team is here to offer support and expertise in handling final tax returns for deceased estates, ensuring that every detail is managed with the utmost care and respect.
As an executor you are personally liable for any outstanding tax, if the Estate assets are all distributed and tax liabilities remain unpaid. Therefore, it is extremely important that you ensure all tax obligations are settled.
Please see below some things to keep in mind when preparing for a Final Tax Return
Australian Taxation Office:
• Have you notified the ATO of the deceased’s death via this link … Notify Us ?
• Do you know their TFN?
Solicitor:
• Have you consulted with a Solicitor?
• Is there a will?
• Who are the executor/s?
• Is probate required? (please note that if the deceased is expecting a refund, the ATO will require probate)
Documentation:
• Do you have a certified copy of the Death Certificate?
• Do you have a certificate copy the Will?
• Do you have a certified copy of Probate? (if applicable)
Other Considerations:
• Will your Estate need to lodge a tax return? If so, have you applied for an Estate TFN?
• What are the tax implications on the disposal of the deceased assets and who will pay the tax – The Estate or The Beneficiary?
• Are the testamentary trusts set up under the will?
We are committed to providing you with clear guidance and compassionate service during this challenging time. Let us take this burden off your shoulders, so you can focus on what matters most.
Feel ready to move forward with us? Give us a call on 02 4365 6789 or email us at [email protected]
