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INITIAL STATEMENT OF ASSETS AND LIABILITIES (FORM 1) HELD AS AT THE DAY OF THE SOUTH AUSTRALIAN CIVIL AND ADMINISTRATIVE TRIBUNAL HEARING DATED * PROTECTED ESTATE OF * PT FILE NO: * ASSETS 1. CASH
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How to fill out initial statement of assets

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How to fill out an initial statement of assets:

01
Gather all necessary information: Before filling out the initial statement of assets, gather all the relevant information regarding your assets. This may include bank account statements, investment account statements, real estate documents, vehicle titles, and other valuable possessions.
02
List all assets: Start by listing all your assets on the statement. This can include cash, bank accounts, investments, retirement accounts, real estate properties, vehicles, valuable collections, and any other valuable possessions you own.
03
Provide detailed information: For each asset listed, provide detailed information such as the account or property owner, the current market value, and any outstanding loans or liabilities related to the asset. It's important to be as accurate and comprehensive as possible.
04
Calculate your net worth: After listing all your assets, calculate your net worth by subtracting any outstanding loans or liabilities from the total value of your assets. This will give you an overall picture of your financial standing.
05
Sign and date the statement: Once you have filled out all the required information, sign and date the initial statement of assets. This signifies that the information provided is true and accurate to the best of your knowledge.

Who needs an initial statement of assets:

01
Individuals going through divorce proceedings: When going through a divorce, both parties may need to submit an initial statement of assets to determine the division of property and assets.
02
Executors of an estate: Executors or administrators of an estate may need to prepare an initial statement of assets to get an overview of the deceased individual's assets and liabilities.
03
Financial institutions: Some financial institutions may require individuals to provide an initial statement of assets when applying for loans, lines of credit, or other financial services.
04
Business partners or investors: In certain business situations, partners or investors may request an initial statement of assets to assess the financial stability and worthiness of the business.
In summary, filling out an initial statement of assets involves gathering all necessary information, listing all assets with detailed information, calculating net worth, and signing and dating the statement. It may be required for various legal, financial, or personal reasons, such as divorce proceedings, estate administration, or financial applications.
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The initial statement of assets is a document that lists all the assets owned by an individual or organization at the beginning of a certain period.
Individuals or organizations who are mandated by law or regulation to disclose their assets are required to file an initial statement of assets.
The initial statement of assets is typically filled out by listing all assets owned, including real estate, vehicles, investments, and cash accounts.
The purpose of the initial statement of assets is to provide transparency and accountability by disclosing all assets owned by an individual or organization.
All assets owned, including real estate, vehicles, investments, and cash accounts, must be reported on the initial statement of assets.
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