1 Is x (the Beneficiary) a death benefits dependant of x (the Deceased) according to section 302-195(1)(d) of the Income Tax Assessment Act 1997 (ITAA 1997), due to being a person who was a dependent of the Deceased just before they died?
1 No. This private ruling applies for the following period: Income year ending 30 June 20xx 30 June 20xx The scheme commences on: The scheme commences on x.
1. The Beneficiary x is the adult child of x (the Deceased person) as indicated in the Last Will and Testament of x, dated x. 2. The Deceased died on x, as indicated on the death certificate of the Deceased, dated x. 3. The Beneficiary was born on x. The Beneficiary was therefore older than 18 years when the Deceased died. 4. The Beneficiary is named in the Deceased's Will, dated x as one of x Beneficiaries of the balance of the estate once debts, funeral, testamentary expenses, taxes payable and fees regarding the administration of the Estate are paid for. 5. The Beneficiary applied for a private ruling on x. 6. In support of the Beneficiary's application, the following statements were made by the Beneficiary: i. The Beneficiary moved from the x in x during x, and their parents assisted with the costs of returning to live in x, x, including the costs of a x protocol in a x. ii. After returning to x, the Beneficiary was having x, was x to find x, and was unable to receive assistance from x. iii. The Beneficiary lived with the Deceased at x.
iv. The Beneficiary met x in x and started a serious relationship on x and they moved into x on x. v. x worked as a part time x from x to x and was also a student. They opened an ABN on x, and worked in a x part time from x to x. vi. The Beneficiary became unemployed in x and needed to look for another position, but their x was x and they required x to x. The Deceased paid for x for the Beneficiary. vii. The Beneficiary received unrecorded cash from the Deceased to assist with living expenses. 7. The Beneficiary provided the following documentation in support of their application: i. The Deceased's last Will and Testament, dated x. ii. The Deceased's Death Certificate, dated x. iii. The Probate, dated x. iv. Multiple bank statements. v. From ATO systems, employment and other income were determined.
Income Tax Assessment Act 1997 section 302-195 Income Tax Assessment Act 1997 section 302-200 Income Tax Assessment Act 1997 subsection 995-1(1) Income Tax Assessment (1997 Act) Regulations 2021 section 302-200.01 Income Tax Assessment (1997 Act) Regulations 2021 section 302-200.02 Question 1 Is x (the Beneficiary) a death benefits dependant of x (the Deceased) according to section 302-195(1)(d) of the Income Tax Assessment Act 1997 (ITAA 1997), due to being a person who was a dependent of the Deceased just before they died? Summar: The Beneficiary was not a person who was a dependent of the Deceased just before they died. Paragraph 302-195(1)(d) of the ITAA 1997 is not satisfied therefore, the Beneficiary is not a death benefits dependent of the Deceased. Consequently, the taxable compone