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Edited version of private advice
Authorisation Number: 1051929742662
Date of advice: 3 December 2021
Ruling
Subject: Present entitlement
Question
Were you presently entitled to the assessable income in relation to the payment such that the assessable income is declared in your income tax return?
Answer
Yes.
Having regard to Taxation Ruling IT 2622 Income Tax: Present entitlement during the stages of administration of deceased estates, it is considered that you were presently entitled to the assessable income in relation to the payment. Consequently, the assessable income is required to be declared in your tax return.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased estate had already been fully administered when an amount payable to the deceased estate was paid.
You received the amount as you were the residual beneficiary of the deceased estate.
Relevant legislative provisions
Income Tax Assessment Act 1936 section 97
Income Tax Assessment Act 1997 section 6-5
Income Tax Assessment Act 1997 section 6-10