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Edited version of private advice
Authorisation Number: 1052151994580
Date of advice: 7 August 2023
Ruling
Subject: CGT - deceased estate
Question
Will the Commissioner exercise his discretion under subdivision 99A(2) of the Income Tax Assessment Act 1936 (ITAA 1936) to apply progressive individual rates of tax as per section 99 of the ITAA 1936?
Answer
Yes. After consideration of the relevant factors, the Commissioner is of the opinion that it would be unreasonable that section 99A of the ITAA 1936 should apply in relation to that trust estate in relation to the relevant years of income.
Accordingly, section 99 of the ITAA 1936 will apply.
This ruling applies for the following period:
Year ended 30 June 2023
The scheme commenced on:
1 July 2022
Relevant facts and circumstances
The deceased died several years ago.
The testamentary trust resulted from the deceased's will.
The assets of the deceased's estate were transferred to the testamentary trust.
No other funds from outside the deceased estate will be brought into the estate or into the trust.
The trust has not borrowed or lent any money.
No special rights or privileges have been conferred or attached to the assets of the deceased estate.
Relevant legislative provisions
Income Tax Assessment Act 1936 section 99
Income Tax Assessment Act 1936 section 99A