Private ruling: Present entitlement
Date of advice: 3 December 2021
Published: March 2022
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: 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? | A1: 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.

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