Private ruling: Capital gains tax - deceased estate
Date of advice: 10 June 2021
Published: August 2021
Ruling period: Year ended 30 June 2020. | Year ended 30 June 2021.
Date scheme commenced: 1 July 2000.

Ruling: Q1: Is any capital gain or capital loss disregarded on the sale disregarded? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner confirms that any capital gain or capital loss is disregarded under section 118-195.


Relevant legislative provisions: Income Tax Assessment Act 1997 Subdivision 115-A | Income Tax Assessment Act 1997 section 102-20 | Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 section 118-120 | Income Tax Assessment Act 1997 section 118-130 | Income Tax Assessment Act 1997 subsection 118-130(3) | Income Tax Assessment Act 1997 section 118-195


Relevant facts: The deceased acquired a dwelling (the dwelling). | The dwelling is located on land that is less than two hectares. | The dwelling was the deceased's main residence when the passed away in 20xx. | The will of the deceased provided a right to reside in the dwelling to their spouse and child (Person A) until it was sold. | Person A occupied the dwelling until recently when they moved into a nursing home. | Person A will make an absence choice. | Settlement occurred in 20xx.