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Tax File Numbers for Trust Account.

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I am seeking an answer to the following senerio with Trust Accounts and TFN's.

 

An individual has a TFN as Trustee for a deceased estate and operates a bank account with this TFN.

The Will specifies and names another Trustee that can be appointed should the original Trustee want to exit this role.

 

Can the new Trustee have the Trustee TFN details changed from the original Trustee to the new Trustee or

Does the new Trustee have to apply for a new TFN as Trustee for the deceased estate?

If the new trustee has to apply for a new Trustee TFN, how does the original Trustee then cancel their Trustee TFN?

 

Hopefully someone can provide some guidance, or where to seek further info.

Thanks

Alan

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Hi @Alanrw,

 

Thanks for your patience whilst we checked-in with a specialist area regarding your query!

 

A trustee for a deceased estate can be updated and there wouldn’t be a need for a new deceased estate TFN.


The individuals wanting to make the change can send in a letter explaining the situation, and attach any and all documentation confirming the appointment of the new trustee (and specifically include the deceased estate TFN on the cover letter) the details can be updated.

 

Furthermore, the current trustee would be removed, as the deceased estates can only have 1 trustee at a time per our requirements.

 

If you have further questions, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.

1 REPLY 1

Most helpful response

ATO Certified Response

Former Community Support

Replies 0

Hi @Alanrw,

 

Thanks for your patience whilst we checked-in with a specialist area regarding your query!

 

A trustee for a deceased estate can be updated and there wouldn’t be a need for a new deceased estate TFN.


The individuals wanting to make the change can send in a letter explaining the situation, and attach any and all documentation confirming the appointment of the new trustee (and specifically include the deceased estate TFN on the cover letter) the details can be updated.

 

Furthermore, the current trustee would be removed, as the deceased estates can only have 1 trustee at a time per our requirements.

 

If you have further questions, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.