Elements and Performance Criteria
- Identify assets and liabilities of the intestate estate
- The existence of assets and liabilities of the intestate estate are researched, established and confirmed
- Accurate valuation is obtained of assets and weighed against liabilities with creditors sought through statutory advertising notices
- Accurate statements of assets and liabilities are prepared
- Relevant legal and statutory requirements are considered and adhered to and intestate succession confirmed
- More complex issues are identified and appropriate action taken based on the administrator's skills and experience
- Collect and distribute assets
- Beneficiaries are notified in a timely and appropriate manner and advised of any Capital Gains Tax (CGT) implications
- After death administration liabilities are paid and assets distributed promptly in accordance with relevant laws of the relevant State or Territory
- Arrangements are made for a tax return to be lodged to date of death
- Internal audit requirements are completed
- Finalise the intestate estate
- Final taxation return is prepared for submission to Australian Taxation Office (ATO)
- If required, fees or commissions are calculated and charged and final distribution cheques and final Statements are prepared and sent to beneficiaries
- If required, a clearance to Date of Death (DOD) from the ATO office is confirmed