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This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law.

You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4.

Edited version of private advice

Authorisation Number: 1051580694010

Date of advice: 16 September 2019

Ruling

Subject: Tax on inheritance

Question

Is the money you received from the estate of your relative treated as assessable income?

Answer

No.

The money received from the deceased estate is not ordinary income or statutory income and therefore is not assessable income under subsection 6-5 of the Income Tax Assessment Act 1997, however the foreign exchange rules (forex) may apply. Further information about this can be found by searching 'QC 16583' on ato.gov.au

This ruling applies for the following period:

Year ended 30 June 2019

The scheme commences on:

1 July 2019

Relevant facts and circumstances

Your relative lived overseas.

They passed away in mid 20XX.

You received a sum of money from their estate and the funds were transferred to Australia late 20XX.

No income from interest was generated prior to the money arriving in Australia.

Relevant legislative provisions

Income Tax Assessment Act 1997 Subsection 6-5(2)