When a person dies their estate must be ‘administered’ which can mean different things for a person who owned a business than for someone who did not. If the deceased person was a business owner, it is important to seek advice from a lawyer immediately as there are many things to know about and to do, especially when it comes to tax compliance.
If the persons who has died was near and dear to you it may be difficult to focus on the administration of their estate, especially if it includes a business that is operational. If this is the case you may want to appoint a deceased estates lawyer as an executor. This will save you a lot of stress at a time you are least able to bear it.
Otherwise, it is important to know exactly what you should do as the executor of the estate. Here is an ATO checklist to help you.
- Find out if the deceased had a Will and who they appointed as executor. You may already know this if it is yourself. If not, the public trustee in your state may be asked to act on behalf of the deceased.
- If you have been appointed executor, you may need to establish your ID and authority in order to deal with the tax affairs of the deceased.