Executors of deceased estates are often confused about whether and when to lodge tax returns on behalf of the deceased person and their estate.
Ask yourself: if these were your own personal financial affairs would you have an obligation to lodge an income tax return?
The Deceased (and their representative) has fundamentally the same requirements to lodge a return as any individual taxpayer.
A cautionary tale.
The ground suddenly shifted beneath my feet. My brother was calling from the hospital emergency room. Our mother had fallen. She’s in pain, and the doctor says the x-ray shows a fracture. The doctor wants to talk to me.
“Your mother,” the doctor tells me, “has broken the top of the thigh bone that joins the hip.”
Baby Boomers are retiring in record numbers, and seniors need to know how to best plan for both themselves and their loved ones.
There are definitely some sure-fire approaches to take – as well as some serious pitfalls to avoid.
1. Put Your Affairs In Order
The first step to putting your affairs in order is to take specialist advice: a lawyer who specialises in estate planning; a financial planner who specialises in retirement planning’ an accountant who specialises in tax planning.
Protecting your digital assets – your electronic and online accounts and data – has never been more important.
In 2023 Australia, our digital security laws are about to be reformed following multiple major Australian data breaches.
Over a six-month period in late 2022, Australia suffered multiple major data breaches that each affected 1 million or more people, according to the latest statistics by the Office of the Australian Information Commissioner (OAIC).
England’s second-highest court has granted an ex-wife a THIRD bite at the cherry – 12 years after the divorce, because her ex-husband kept lying about (not disclosing) his assets.
In February 2023, Julia Goddard-Watts (the wife) won the first stage of her appeal against an England and Wales Family Court judgment that left her with less than 10 per cent of the assets from her 14-year marriage to businessman James Goddard-Watts (the husband).
As our lives increasingly move to online digital platforms, it is becoming more important to help your executor access your “digital assets” after you die.
Digital assets include social media accounts, shopping accounts, bank or investment account details, entertainment collections, gambling accounts, and the like.
In 2020 the NSW Law Reform Commission released its report*, which found that 92% of people do not include details with their Will.
In our digital‑first world, where Google has replaced the telephone directory and business cards have been supplanted by LinkedIn, our online digital profiles are the first impression we give to the world and the primary source of information that others will use to research us.
Our digital profile plays a huge role in both online and offline reputation, privacy and security management.
We need to focus on our digital profiles through the lens of our true audience, whether that be family members, prospective employers.
… an interview* with refreshingly honest observations from a specialist lawyer …
After 35 years in legal practice, there isn’t much that still surprises Rod Genders. He’s pretty much seen it all.
I have made my Will with him, and I am glad to have his strength and knowledge on my side. Standing at 6’4” Genders is a big man, and he has an imposing presence. I wouldn’t like to confront him in Court – or in a dark alley, for that matter!
Even as the pandemic winds down, it continues to influence where and how we work, with more time spent online, you and your digital credentials are at risk now more than ever.
The COVID-19 pandemic disrupted the home lives and workplaces of millions worldwide. Offices closed, people transitioned to working remotely and shopping online, and families bunkered-down at home.
With nowhere to go, they spent more time online. That isn’t likely to change anytime soon, even if some offices re-open.
In October 2022 (which ironically was ‘cybersecurity awareness month’), Australia experienced several major cybersecurity breaches (“hacks”), including Medibank and its subsidiary AHM, Optus, Woolworths and electricity provider Energy Australia.
Many other Australian and foreign companies – large and small – are all now among the household names that have fallen victim to a data breach.