Private ruling: Main residence exemption for deceased estate
Date of advice: 7 October 2020
Published: November 2020
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the main residence exemption under section 118 - 195 of the Income Tax Assessment Act 1997 (ITAA 1997) upon disposal of the property? | A1: Yes Having considered your circumstances and the relevant factors, the main residence exemption under section 118-195 of the ITAA 1997 will apply and any capital gain made upon the disposal of the property will be disregarded. Further information on the relevant factors and inheriting a dwelling generally can be found on our website ato.gov.au and entering Quick Code QC52250 into the search bar at the top right of the page.

Relevant facts and circumstances: The deceased died on XX August 20XX. The deceased acquired a share in the property after 20 September 1985. The deceased acquired the remaining share in the property after 20 September 1985. The property was the deceased's main residence at the time of death. The property was disposed of within 2 years from date of death.

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