Tax Return Requirements for a lost loved one

Tax Return Requirements for a lost loved one

After the passing of a loved one, be it a partner, parent or other relative, among the things that must be done is the lodgement of tax returns.

Initially, two returns will be required – one for the individual up to the date of death and the other for a trust return for the estate for the balance of the financial year.

Both returns will require the provision of information for the full financial year e.g. income received and expenses paid. This information is then allocated proportionally between the two returns.

The return for the Trust involves applying for a new Tax File Number and will require the following details for each trustee of the estate – their full name, date of birth and Tax File Number.

We can do this online – making it one less thing to worry about. Other documents needed for our records are certified copies of the Death Certificate and the Will.

Following lodgement of the initial trust return, further returns will need to be lodged for each year (for up to three years) until the deceased estate is fully administered (i.e. all assets and income are distributed to the beneficiaries) and it is no longer earning income.

Care needs to be taken where the sale of shares and/or property is involved – our financial advisers are available to assist in this regard.

At a time when there is so much to take care of, our team is here to help so please do not hesitate to contact us.