Private ruling: CGT – absolute entitlement
Date of advice: 23 January 2019
Published: May 2019
Ruling period: Year ending 30 June 2019
Date scheme commenced: 01 July 2018

Ruling: Q1: Is your acquisition date of the property for CGT purposes prior to 20 September 1985? | A1: Yes. Having considered your circumstances and the relevant factors relating to your situation the Commissioner accepts that your interest in the property was held on bare trust for you and that you were absolutely entitled to the property. Consequently for capital gains tax purposes you are considered to have acquired the property before 20 September 1985. Further information can be found by searching TR 2004/D25 on ato.gov.au

Relevant facts and circumstances: Your relative purchased a parcel of land. The title of the land listed the purchaser as XXXXXXXX (as Trustee for XXXXXXX). The title was transferred into your name on xx xxx xxxx. The property was never used for an income producing purpose. There have been no capital improvements undertaken on the property. Due to a change in circumstances you feel the size of the property is too much to maintain and so have decided to dispose of the land.

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 106-50 | Income Tax Assessment Act 1997 Section 104-75