Private ruling: CGT - deceased estate
Date of advice: 8 September 2025
Published: 10 November 2025
Ruling period: Financial year ending DD MM 20YY | Financial year ending DD MM 20YY
Date scheme commenced: DD MM 20YY

Ruling: Q1: Will the Commissioner confirm that your interest (legal interest in remainder as tenants in common) as described in the Moiety passed to you as a beneficiary by virtue of section 128-20(1)(c) of the Income Tax Assessment Act 1997 (ITAA 1997)? | A1: Yes. In accordance with paragraph 128-20(1)(c) of the ITAA 1997 as the property was appropriated to you as beneficiary under the terms of the Will. | Q2: Will the Commissioner further confirm that any capital gain made on the sale of the Moiety and your respective interests will be disregarded pursuant to 118-195 of ITAA 1997? | A2: Yes. Having considered your circumstances and the relevant factors the Commissioner will allow an extension of time. Further information about the Commissioner's discretion can be found by searching ato.gov.au for 'QC 66057'.

Relevant facts and circumstances: The deceased passed away on DD MM 20YY. The dwelling is located at XX (the property). The deceased held a XX% interest in the property as tenant in common with the XX who held the remaining XX%. The deceased acquired their XX% interest after 20 September 1985. The property was the main residence of the deceased just before they passed away and was not used to produce assessable income at that time. The property was situated on less than two hectares of land. The deceased had a Will which was dated DD MM 20YY. The deceased's XX% interest was appropriated to you as part of the Will. The probate was granted on DD MM 20YY. The property was listed for sale on DD MM 20YY with settlement occurring on DD MM 20YY.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-195 | Income Tax Assessment Act 1997 section 128-20