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Edited version of private advice
Authorisation Number: 1052257979821
Date of advice: 6 June 2024
Ruling
Subject: CGT - vacant land
Question
Is the vacant land a pre-Capital gains Asset (CGT) asset and therefore not subject to CGT upon its sale?
Answer
Yes.
Based on the information provided to the Commissioner the vacant land is a pre-CGT asset.
The Commissioner is satisfied that the deceased acquired the property prior to 20 September 1985 and is therefore a pre-CGT asset and no CGT is payable upon the sale of the property.
This ruling applies for the following period:
Year ended 30 June 20YY
The scheme commenced on:
1 July 20YY
Relevant facts and circumstances
The deceased passed away a few years go.
The deceased acquired vacant land in Australia prior to 20 September 2019.
The deceased intended to build a dwelling on the vacant land but never did this.
The vacant land was used by the deceased as a garden.
The deceased lived in Australia as a permanent resident for several years.
At the end of their time in Australia deceased went back to Country Z to care for their parents and never returned to Australia prior to passing away.
Relevant legislative provisions
Income Tax Assessment Act section 104-10