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Edited version of private advice
Authorisation Number: 1051525748611
Date of advice: 1 June 2019
Ruling
Subject: CGT - deceased estate - timing of transfer of property
Question
Will the property be taken to have been acquired by you prior to 20 September 1985?
Answer
Yes
As the surviving spouse, the property passed to you under section 128-20 of the Income Tax Assessment Act 1997 (ITAA 1997). You are taken to have acquired the property on the date of the deceased's death (section 128-15 of the ITAA 1997). The property is considered a pre-CGT asset and any capital gain made on the disposal of the asset by you will be disregarded.
Further information on deceased estate and capital gains tax can be found by searching Quick Code QC52245 on our website, ato.gov.au
This ruling applies for the following periods:
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
Your late spouse acquired land prior to 20 September 1985.
Your spouse died intestate prior to 20 September 1985.
As the surviving spouse the property passed to you.
The transfer of the title for the property was not effected for some time.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 128-20
Income Tax Assessment Act 1997 section 128-15