NEWSFLASH Autumn 2021
A deceased estate trust can be managed by the Executor for the long term as a separate investment portfolio. The Trustees Act of Victoria spells out the requirements and options for the Executor. This is a useful document for those who are nominated as Executors.
Many spouses or Executors do not realise that a tax return needs to be done for the deceased from July 1st to the date of death and another tax return needs to be done from the date of death to the end of the tax year. A new tax file number is needed for a deceased estate and a tax return for every year until the estate is wound up.