Private ruling: Capital gains tax: CGT events: deceased estate
Date of advice: 16 April 2019
Published: June 2019
Ruling period: Year ended 30 June 2018
Date scheme commenced: 1 July 2017

Ruling: Q1: Did a capital gains tax (CGT) event arise in the year ending 30 June 20XX? | A1: No. As the deceased did not complete the Contract of Sale, the Commissioner is satisfied that a CGT event did not arise in the year ending 30 June 20XX.

Relevant facts and circumstances: The deceased purchased a property after 20 September 1985. The property was purchased as joint tenants with their spouse. The property was a farming property. The deceased signed a Contract of Sale for the sale of the property in the year ended 30 June 20XX. The deceased passed away before the Contract of Sale was settled. The deceased’s share of the property passed to their spouse on their death.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 section 108-7