Private ruling: CGT - pre-capital gain asset
Date of advice: 23 January 2025
Published: 17 March 2025
Ruling period: Period ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Is the dwelling a separate capital gains tax (CGT) asset to the land on which it is constructed in accordance with section 108-55 of the Income Tax Assessment Act 1997 (ITAA 1997)? | A1: No. The dwelling that you constructed on the land is not considered to be a separate CGT asset as you began construction prior to 20 September 1985. | Q2: Is the land and dwelling on the property subject to CGTunder section 104-10 of the ITAA 1997? | A2: No. Any gains from the disposal of the land and dwelling are disregard as the asset was acquired prior to 20 September 1985.

Relevant facts and circumstances: You are the owner of a duplex property, which you provided us with the address of. You acquired the land prior to 20 September 1985. You were issued a build licence on a specified date prior to 20 September 1985 as an owner-builder by the council to build a duplex. You began construction of the duplex prior to 20 September 1985 with the laying of a footing and concrete slab. You provided us with the following supporting documents: • A copy of the settlement contract for the land • A copy of your building license • A copy of a letter from council confirming the footing and slab inspection You intend to sell the duplex during the ruling period.

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 104-10 | Income Tax Assessment Act 1997 Section 108-55