Further to 21/10/15…

http://www.mcnamaraandcompany.com.au/blog/when-is-a-dwelling-residence-that-has-been-inherited-from-a-deceased-estate-eligible-for-a-full

If the deceased acquired the property post Capital Gains Tax (CGT)?

If the beneficiary sells a post CGT dwelling of the deceased they will be entitled to a full CGT exemption under Section 188 – 195 of Income Tax Assessment Act 1997 where both the two following conditions are met:

1.     The dwelling was the deceased main residence just before death and was not at that time being used for income producing purposes; and

2.     Either the two year requirement or the specified individuals requirement is satisfied.

If you would like to discuss further please contact us:
McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com

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