My sisters (there are 3 of us) and I inherited my mother's home following her death last year. One of my sisters resides in the home and has done so for approximately 20 yrs. My mother was not an Australian citizen but she was a permanent resident of Australia. The property was purchased pre-1985. Does CGT apply from date of death or date the property is inherited? Are we all subject to capital gains if we sell the property given it is the residence of one of the beneficiaries (I'm aware that there is a CGT exemption if the property is sold within 2 years) or are we all entitled to an exemption or only the sister who resides in the property ? Does the fact that my mother was a "foreign" permanent resident disqualify us for an exemption to CGT? Thank you in advance for your responses.
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Can only comment on 2 queries. Your mother was a tax resident, and if the beneficiaries are tax residents then the normal rules apply. If CGT applies then the cost base "deemed acquisition" date is market value at date of death. Link on inherited property and CGT.
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Can only comment on 2 queries. Your mother was a tax resident, and if the beneficiaries are tax residents then the normal rules apply. If CGT applies then the cost base "deemed acquisition" date is market value at date of death. Link on inherited property and CGT.
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