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Edited version of private advice
Authorisation Number: 1052133557007
Date of advice: 27 June 2023
Ruling
Subject:CGT- main residence
Question
Can you disregard the capital gain made on the sale of the dwelling located at XXXX?
Answer
Yes.
Having considered your circumstances and the relevant factors, the Commissioner will disregard the capital gain made on the disposal. The right of survivorship deems the surviving joint tenant to be entitled to the main residence exemption like a beneficiary of a deceased estate. Further information about co-ownership and the right of survivorship can be found by searching ato.gov.au for 'QC 66056'.
This ruling applies for the following period:
Financial year ending XX/XX/20XX
The scheme commenced on:
XX/XX/20XX
Relevant facts and circumstances
You and your spouse acquired the property as joint tenants.
The vacant land was acquired on XX/XX/20XX, and the house was constructed in XXXX.
The dwelling was moved into as soon as practicable.
The dwelling was never used for income producing purposes.
The dwelling was the main residence throughout the ownership period.
Your spouse passed away on XX/XX/20XX.
The property was the main residence of your spouse just before they passed away.
The property was sold on XX/XX/20XX with settlement occurring on XX/XX/20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997, subsection 118-195(1)
Income Tax Assessment Act 1997, subsection 118-197