Public Ruling No. 9/2023 Quiz

What is a pension?

• A payment made by a former employer to an employee who has retired.

• A payment made by the government to unemployed individuals.

• A payment made to individuals for their contributions to society.

• A payment made to individuals for their educational expenses.

What happens to the pension of a pensioner after their death?

• It is transferred to their children.

• It is usually received by the husband or wife.

• It is forfeited.

• It is donated to charity.

What is an annuity?

• A series of payments received periodically as a source of income.

• A one-time payment received from a government.

• A payment made to a charity.

• A payment made for insurance coverage.

What must be reported when an individual dies?

What is the responsibility of the executor?

What must the executor do before distributing the estate of The Deceased?

What is the executor's responsibility regarding outstanding income tax of The Deceased?

What happens to income arising after the date of death of The Deceased?

What is the significance of the period of estate administration by the executor?

What should the executor do if they know of any outstanding tax liabilities of The Deceased?