Private ruling: CGT - deceased estate
Date of advice: 20 May 2021
Published: August 2021
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

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 settlement occurred in accordance with subsection 118-130(3). Accordingly any capital gain or capital loss is disregarded.


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 they passed away in 20xx. | COVID-19 has impacted on your ability to prepare the dwelling for sale. | A buyer approached you about purchasing the property however they were having difficulty selling their own property. You as trustee agreed to a short period of vendor finance in order to facilitate the sale of the dwelling. | A mortgage was registered on the property and was discharged in 20xx. | A contract for the sale was entered into in 20xx. | Settlement occurred within 2 years of the death of the deceased.