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Peter_00001(Newbie)Newbie
2 May 2024

My daughter will be renting a property from me and my wife. 

Upon our deaths, we would like our daughter to inherit the property.

I understand that if my daughter sells the property (and settlement completed) within 2 years of the date of death of the last surviving parent, then the sales CGT event will be CGT exempt.

Are the following scenarios allowable?

  • Could she sell it to a family member (ie. her partner) for a nominal amount and the sale remain as CGT exempt?
  • Could she sell it to a family member (ie. her partner) for Market Value amount and the sale remain as CGT exempt?
  • As it has been her main residence (but only via a rental arrangement), is she exempt from CGT?


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Bruce4Tax(Taxicorn)Taxicorn
3 May 2024

I understand that if my daughter sells the property (and settlement completed) within 2 years of the date of death of the last surviving parent, then the sales CGT event will be CGT exempt.


No - that is for property that was always the parent's main residence.


  • Could she sell it to a family member (ie. her partner) for a nominal amount and the sale remain as CGT exempt?

No


  • Could she sell it to a family member (ie. her partner) for Market Value amount and the sale remain as CGT exempt?

No


  • As it has been her main residence (but only via a rental arrangement), is she exempt from CGT?

No


Best to go to a local tax agent experienced with property.


https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/inherited-assets-and-capital-gains-tax/inherited-property-and-cgt


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Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
3 May 2024

I understand that if my daughter sells the property (and settlement completed) within 2 years of the date of death of the last surviving parent, then the sales CGT event will be CGT exempt.


No - that is for property that was always the parent's main residence.


  • Could she sell it to a family member (ie. her partner) for a nominal amount and the sale remain as CGT exempt?

No


  • Could she sell it to a family member (ie. her partner) for Market Value amount and the sale remain as CGT exempt?

No


  • As it has been her main residence (but only via a rental arrangement), is she exempt from CGT?

No


Best to go to a local tax agent experienced with property.


https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/inherited-assets-and-capital-gains-tax/inherited-property-and-cgt


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