| Disclaimer This edited version has been archived due to the length of time since original publication.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 private advice
Authorisation Number: 1051515612124
Date of advice: 27 May 2019
Ruling
Subject: Deceased estates
Question
Was the client absolutely entitled to the property as a beneficiary, against the trustee of the Estate?
Answer
Yes. It is accepted that the client had a vested, indefeasible and absolute interest in the property. They were the sole beneficiary of the deceased estate and considered the property their own, and all parties treated it as such. Therefore, they were absolutely entitled to the property as against the estate.
This ruling applies for the following period:
1 July 2018 to 30 June 2019
The scheme commences on:
2 January 2000
Relevant facts and circumstances
The deceased and pre-deceased spouse resided in their main residence until they passed. The property was their main residence and has not used for income producing activities.
The property is less than two hectares in size.
The property remained in the names of both the deceased and the pre deceased spouse.
The deceased remained in the property, as their main residence until their passing.
The only child of both the deceased persons, moved into the property. They had a vested, indefeasible and absolute interest in the property.
The dwelling remained main residence of the child until their passing.
The property has not been used to produce assessable income.
The executor for the deceased's child estate also acted for deceased's estate and all liabilities and debts associated with the estate have been paid.
The dwelling was sold within the two year period.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 section 106-50
Income Tax Assessment Act 1997 section 118-195
Income Tax Assessment Act 1997 section 128-15
Income Tax Assessment Act 1997 section 128-20