Private ruling: CGT - deceased estate
Date of advice: 20 July 2021
Published: September 2021
Ruling period: Year ended 30 June 2021
Date scheme commenced: 1 July 2019

Ruling: Q1: Are any gains or losses on the disposal of the residential property in Australia disregarded under Section 118-195? | A1: Yes. Having considered your circumstances and the relevant factors, the property was the main residence of the deceased just before their death, was not then being used to produce assessable income and was sold within two years of their death.

Relevant facts and circumstances: The deceased gained ownership of the property as the beneficiary of an estate in over ten years ago. The deceased died in mid-2020. The deceased did not occupy the property immediately as they were living in a medical facility. The deceased moved into the property in some time after they inherited the property and used the property as their principal place of residence until they died. The property has not been used to produce assessable income at any time. The property is on a land area of less than 1000 square meters. The property was sold within two years of the date of death.

Relevant legislative provisions: Income Tax Assessment Act 1997 Subsection 118-195(1)


This ruling applies for the following period: