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Edited version of private advice
Authorisation Number: 1051946095599
Date of advice: 25 February 2022
Ruling
Subject: Capital gains tax
Question
Did a capital gains tax event happen to you when the property was sold?
Answer
No. The Commissioner is satisfied that based on the information provided that you did not have a capital gains tax event, as you were not the beneficial owner of the property.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The property was purchased by you and your relative as joint tenants.
This property was purchased as owner occupiers.
It was not used as a rental property.
Your relative along with your parents and another relative lived in the property.
You never lived in the property.
Both your relatives intended on purchasing the property but one of your relatives was not able to secure a loan to purchase the property.
You wanted to help and you applied for and got a percentage of the loan.
You did not pay any money toward the property.
You did not declare any rent or expenses in your tax return.
Your relative paid the deposit and paid the repayments on the loan.
You did not pay anything toward the upkeep of the property.
The property was sold a couple of years ago.
You did not receive any proceeds from the sale of the property.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 102-20
Income Tax Assessment Act 1997 section 104-10