EV 1052257979821currentnon-binding advice

CGT - vacant land

Non-binding edited private advice. This is an edited version of private advice the ATO gave to a specific taxpayer about their own circumstances. You cannot rely on it — it is not binding and provides no protection for anyone else (see PS LA 2008/4). Use it as a guide to the ATO’s thinking, not as authority.

1

Is the vacant land a pre-Capital gains Asset (CGT) asset and therefore not subject to CGT upon its sale?

2

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

3

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.

4

Income Tax Assessment Act section 104-10