Do you need to prepare the Final Tax Return of a loved one? Or perhaps you are retired and want to lodge your Final Tax Return and tell the Australian Tax Office that you don’t need to lodge a return for future years?
Generally if any of the following apply you will need to lodge a tax return;
- Your Income (or the Income of a Deceased person or Estate) is over the Tax Free Threshold (currently a bit over $20,000)
- You had an amount of tax withheld from your income.
- You were entitled to receive Franking Credits as part of Dividends you received.
- You operated a business however small.
If you are executor or administrator of a Deceased Estate it is quite important you take care of any Outstanding Tax Obligations as if you do not you as the representative of the Deceased will be liable for any Outstanding Tax or Fines.