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VivianP(Newbie)Newbie
1 May 2024

An individual (resident for tax in Australia) and their siblings inherited a property located overseas from their non-resident grandfather who died in 2022. The grandfather owned the investment property since 1950. The property is currently being transferred into the name of the individual and their siblings.

Can you please advise the following for CGT purposes:

1) Date of acquisition for the individual - is it the date of death (2022) or the date the property has been transferred to the individual (2024)?

2) If the individual sells the property after 12 months, they will be eligible for the CGT discount. Are they entitled to the full 50% discount or is it eroded due to Section 115-105 ITAA 1997?

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155 views
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WendyATO(Community Support)Community Support
ATO Certified Response7 May 2024

Hi @VivianP,


Some great questions there about inherited property and CGT. Here is what I can tell you.


1) Date of acquisition is the date of death.

2) It depends, check the info on our Inherited property and CGT page. There are series of questions you can answer to work out if the inherited property is exempt for CGT and what happens if they sell within 2 years.

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Most helpful replyATO Certified Response

WendyATO(Community Support)Community Support
ATO Certified Response7 May 2024

Hi @VivianP,


Some great questions there about inherited property and CGT. Here is what I can tell you.


1) Date of acquisition is the date of death.

2) It depends, check the info on our Inherited property and CGT page. There are series of questions you can answer to work out if the inherited property is exempt for CGT and what happens if they sell within 2 years.

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