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Edited version of your written advice
Authorisation Number: 1051312882959
Date of advice: 24 November 2017
Ruling
Subject: Capital Gains Tax – Main Residence Exemption
Question
Is a full main residence exemption allowable under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) with respect to the disposal of the property?
Answer
Yes
Having considered your circumstances and the relevant factors, a full main residence exemption is allowable under subsection 118-195(1) of the ITAA 1997.
Further information on the relevant factors, and inheriting a dwelling generally, can be found on our website ato.gov.au by entering Quick Code QC52247 into the search bar at the top right of the page.
This ruling applies for the following period:
Year ended 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
The deceased died in late 20XX.
The deceased and their spouse acquired their main residence (the property) prior to 20 September 1985.
Throughout the entire ownership period the property was not used to produce assessable income.
Under the deceased’s will, the deceased’s spouse had the right to occupy the property until their death.
The deceased’s spouse continued to occupy the property until they died in mid 20XX.
Probate was granted in late 20XX.
There were X beneficiaries of the deceased’s estate.
The property was sold and settlement occurred in late 20XX.
The property was held by the beneficiaries when settlement occurred.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 118-195(1).