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The key that unlocks the door to the CGT exemption for an inherited home.

Publication date: 23 Aug 06 | Source: INTAX

Issue: August 2006

Pages: pp.10-11

Abstract:
The CGT treatment of a post-CGT inherited house that was the deceased's main residence has always, on the face of it, been a complicated matter. However, there is one key that unlocks much of the comlexity of the provisions - and that is where the house was "the deceased's main residence just before the deceased's death and was not then being used for the purpose of producing assessable income". If this condition is met, then understanding the provisions become simple - and many good things flow from it!

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Author profiles

Lachlan Wolfers CTA
Lachlan is the Global Head of Indirect Tax for KPMG, as well as leading the Indirect Tax and Tax Technology practices for KPMG China. As part of his role in KPMG China, Lachlan led KPMG China’s efforts in relation to the VAT reform pilot program in China, including providing advice to various Government agencies in relation to several key aspects of the VAT reforms, including the application of VAT to financial services, insurance, construction and real estate, transfers of a business, as well as other reforms relating to the introduction of Advance Rulings in China. Previously he was a partner of KPMG Australia for over 11 years as the head of Indirect Tax in Sydney, and the National head of Tax Controversy services for KPMG Tax Lawyers Pty Ltd. Lachlan is also formerly a Director of the Tax Institute. - Current at 30 September 2019
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Kirk WILSON
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