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Deceased Estate

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Newbie

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Hi all , Just want to check I have the Deceased Estate process inhand .

 

My father passed away 1/9/18 - So am I correct in that I have to do a final Individual Tax Return up to that date . His only income was a governemnt super pension which was partially taxable and some bank interest on a term deposit - I will need to speak to the bank to ascertain the interest earned between 1/7/18 and 1/9/18 - correct ?

 

This is where I get more confused - The Estate will be finalised within the next few weeks .  Will I need to do a tax return for the "Estate of the late ......." ? Only income will be bank interest from date of death to date of finalisation of probate and distribution of assets - Interest is maybe $1000 - As its well under the tax free threshold is it necessary to do the Estate return ? Do I have to advise ATO I wont be completing a return for the Estate ? 

 

Thanks for anyones advice

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Former Community Support

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Hi @Rossip,

 

Thanks for writing to us - we're sorry to hear of your father's passing and we hope you're doing well.

 

In terms of managing tax and super, there are three main things you'll need to do to wind up the estate:

We have a guide on what to do if you're the executor of an estate that helps explain what you might need to report and how to finalise your father's affairs.

 

If you're not sure whether you'll need to set up a trust for your father's estate, you may find it helpful to seek the services of a legal professional or by contacting the relevant public trustee in your state. Thanks

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Most helpful response

Former Community Support

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Hi @Rossip,

 

Thanks for writing to us - we're sorry to hear of your father's passing and we hope you're doing well.

 

In terms of managing tax and super, there are three main things you'll need to do to wind up the estate:

We have a guide on what to do if you're the executor of an estate that helps explain what you might need to report and how to finalise your father's affairs.

 

If you're not sure whether you'll need to set up a trust for your father's estate, you may find it helpful to seek the services of a legal professional or by contacting the relevant public trustee in your state. Thanks

Newbie

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Thanks for the response but still confused , was hoping s9meone might look at my details in the OP and advise