Private ruling: Capital gains tax
Date of advice: 5 August 2019
Published: October 2019
Ruling period: Year ended 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Are the beneficiaries under the will presently entitled to the income derived by the estate during the year ended 30 June 2019? | A1: 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.

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