Hazel Todd 26/08/2024 Hazel Todd 26/08/2024

How to Find Your Deceased Relative's Tax Records and How to Prevent a Mess for Your Own Family

Dealing with the death of a loved one is hard enough without the added stress of untangling their financial affairs. If your relative has left their tax records and other financial information in disarray, here are some tips to help you find what you need. We also discuss how you can make things easier for your own family in the future.

Finding Your Deceased Relative's Tax Records

1. Check Their Personal Files

Look through their personal files, including filing cabinets, desks, and digital folders on their computer. Important documents like tax returns, bank statements, and receipts are often stored here.

2. Contact Their Accountant or Tax Agent

If your relative used an accountant or tax agent, they would have copies of past tax returns and could provide the Tax File Number (TFN) and other essential information.

3. Look Through Their Mail

Tax-related documents are often sent by mail. Look for letters from the Australian Taxation Office (ATO), banks, or other financial institutions. These might contain crucial information or lead you to other relevant documents.

4. Search Digital Records

Check their email accounts and any cloud storage services they use. Important tax documents might be stored digitally. Look for folders labelled "Taxes" or similar.

5. Contact the Australian Taxation Office (ATO)

If you have trouble finding their TFN or tax records, contact the ATO. They can provide guidance on what steps to take to access the necessary information.

6. Gather All Relevant Financial Documents

Collect any bank statements, superannuation records, and investment documents. These can help piece together their financial situation and provide necessary information for tax purposes.

Preventing a Mess for Your Own Family

1. Organise Your Financial Documents

Keep all your important financial documents, including tax returns, in a single, well-organised location. Make sure your family knows where this is.

2. Create a Digital Backup

HazeLegal offers storing digital copies of important documents in a secure cloud storage service. Ensure that your family knows how to access these files.

3. Keep Your TFN Secure

Your Tax File Number is crucial. Store it in a safe place and include it in your list of important documents. Inform your family where they can find it.

4. Use a Trusted Accountant or Tax Agent

Working with a professional can ensure that your tax affairs are in order. Provide your family with their contact details so they can reach out if needed.

5. Prepare a Will and Estate Plan

Clearly outline your wishes and financial arrangements in a will. An estate plan can help manage your assets and provide guidance for your family.

6. Communicate with Your Family

Have open conversations with your family about your financial affairs. Make sure they know where to find important documents and understand your wishes.

7. Update Your Records Regularly

Keep your financial records up to date. Review them annually to ensure everything is current and easily accessible.

8. Upload your information to our Digital Vault

Upload your information and records to our Digital Vault, which will ensure that after your passing, and not before, your information will be sent to those of your choosing, such as your executors and next of kin. If everyone has all the relevant information, there is less likelihood of someone abusing the situation and perhaps ripping off either yourself, your estate or your family. Knowledge of power.

9. Consider Professional Advice

Speak with a lawyer or financial advisor to ensure your affairs are in order and to get advice tailored to your situation.

By taking these steps, you can reduce the stress on your family during a difficult time and ensure that your financial affairs are handled smoothly.

Need more help? Reach out to us today!

DISCLAIMER

This is a commentary published by WebWills for general information purposes only. This is not meant to be taken as particular advice. You should seek your own legal and other advice for any question, or any specific situation or proposal, or get in touch with the writer at http://webwills.com.au before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories.