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Edited version of private advice
Authorisation Number: 1051559920205
Date of advice: 5 August 2019
Ruling
Subject: Capital gains tax
Question 1
Are the beneficiaries under the will presently entitled to the income derived by the estate during the year ended 30 June 2019?
Answer
Yes. Therefore the income of the estate will be assessable income of the beneficiaries in accordance with Division 6 of the Income Tax Assessment Act 1936.
This ruling applies for the following period:
Year ended 30 June 2019
The scheme commences on:
1 July 2018
Relevant facts and circumstances
The deceased passed away in 20XX.
The deceased had a Will and probate was granted in 20XX. Two executors were appointed.
The executors have realised all the assets and determined the liabilities of the estate.
On 20XX the executors resolved to distribute the balance of the estate less any amount that remains payable from the estate.
Relevant legislative provisions
Income Tax Assessment Act 1936 section 95
Income Tax Assessment Act 1936 section 95A
Income Tax Assessment Act 1936 section 97