| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your written advice
Authorisation Number: 1051493562287
Date of advice: 12 March 2019
Ruling
Subject: Cost base elements
Question
Is the first element of the cost base of the dwelling the market value at the date of death of the deceased?
Answer
Yes, you are taken to have acquired the property for market value on the date of death in accordance with subsection 128-15(4) of the Income Tax Assessment Act 1997 (ITAA 1997).
This ruling applies for the following period:
Year ended 30 June 2018
The scheme commences on:
01 July 2017
Relevant facts and circumstances
The deceased acquired a dwelling.
The dwelling was used as the main residence of the deceased.
The deceased relocated to a nursing home.
The deceased continued to treat the dwelling as their main residence.
The dwelling was rented and a valuation was obtained
The deceased passed away.
You inherited a share in a dwelling.
The dwelling continued to be rented.
The dwelling was sold.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 128-15(4) item 3