Private ruling: Deceased estate - capital gains tax
Date of advice: 16 September 2020
Published: October 2020
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the capital proceeds received from the sale of the property be assessable to you as trustee of Person B's estate? | A1: No. As the property remained a pre-CGT asset when it was sold there is no capital gains tax payable by you upon receipt of the proceeds of sale.

Relevant facts and circumstances: Person A died prior to 20 September 19XX. Under Person A's will, their estate was left to their children, being Person B and Person C. The assets of the estate of Person A included a property acquired prior to 20 September 19XX. Person B died after the death of Person A. You were appointed as trustee of Person B's estate. The trustee of Person A's estate sold the Property after 20 September 19XX. You, in your capacity as trustee of Person B's estate, have received a portion of the proceeds from the sale of the property to distribute to the beneficiaries of the estate of Person B.