Recorded Webinar: Executors and Tax: Key Obligations and Duties

When executors administer an estate, they often don’t know what tax issues may be lurking. But, the executor could be on the hook for any outstanding tax debts or obligations. This session examines an executor’s obligations, including:

• Assessing the tax risks in the estate:

  • should you withhold proceeds to protect yourself?

  • should you get an accountant to do a full audit to give you comfort?

  • when would a release and indemnity from the beneficiary be appropriate?

  • should you request a voluntary ATO audit?

• What does the executor need to do to satisfy their obligations from a tax perspective?

  • notify the ATO of the death

  • lodge outstanding tax returns

  • lodge a date of death return

  • lodge outstanding tax documents

  • cancel GST and ABN registrations

  • discharge any associated liabilities

  • lodge tax returns for the deceased estate

  • discharge associated liabilities

• What does the executor need to give beneficiaries so they are able to comply with their tax obligations?

• When will the executor be personally liable?

• Recent guidance from the ATO