| Disclaimer This edited version has been archived due to the length of time since original publication.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: 1051506952797
Date of advice: 16 April 2019
Ruling
Subject: Capital gains tax: CGT events: deceased estate
Question
Did a capital gains tax (CGT) event arise in the year ending 30 June 20XX?
Answer
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.
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 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