My father died a few years ago …. By the way write a Will out. Better yet, have a rounded table discussion about what you are looking at doing and give a copy to each of the intended recipients so it doesn’t go missing, and so that everyone knows what they’re getting.
One of the things that needs to be done is lodge a final tax return. We did this only to our horror to learn he hadn’t put a return in for over 15 years. We needed to lodge a huge number of returns before it could be closed off.
We learnt that He hadn’t paid enough tax on his wages during that time.
Note: if you do your tax annually like you’re supposed to, you will find out whether or not you’re paying enough tax.
If you’re not then you can get your employer to take extra. Regardless, the onus is on you to make sure the right amount is taken out.
Interest is calculated daily, and added at the end of the month. Of the figure in the photo… A quarter of that is what he had under paid, the rest is interest.
And yes you can ask them to revisit it but if you do your taxes then you shouldn’t have a problem.
The point is… If you want to leave a legacy, or estate to your family then…..
A: make sure you have a Will written out, that everyone knows where it is or that everyone has a copy so it can’t be disputed …
And B: Make sure you do your taxes every year and if have a debt start paying it down, or increased your contribution so you don’t owe
Szars Blog 