Private ruling: Capital gains tax
Date of advice: 28 November 2018
Published: March 2019
Ruling period: Year ended 30 June 2018
Date scheme commenced: 1 July 2017

Ruling: Q1: Did you acquire the property on the date of transfer? | A1: Yes. The CGT rules in Division 128 of the Income Tax Assessment Act 1997 (ITAA 1997) to do with what happens to CGT assets owned by a person on their death do not apply in this case as the property was not owned by the deceased, rather it was owned by the deceased’s superannuation fund. Therefore, the normal CGT rules apply. As there was no disposal contract, under section 109-5 of the ITAA 1997 you acquired the property when the property was transferred to you.


Relevant legislative provisions: Income Tax Assessment Act 1997 section 109-5


Relevant facts: A self managed superannuation fund (the superfund) b ought a property several years ago. | Later, your relation passed away, being the only member of the superfund. | The superfund transferred the property to your late relation’s Estate. | Shortly after receiving the property, the executor of the Estate transferred the property to you.