I am the ececutor of an estate - includes house on land greater than 2 hectares and need CGT advice

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Taxduck · Answer

This is a tricky one and professional tax advice would be beneficial. This is how I see it. The main residence and up to 2 ha would be exempt if sold within 2 years. I have included a link whereby you can work through a questionnaire to determine this. For the purposes of the questionnaire half the dwelling is acquired pre 1985, the other post 1985. https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/inherited-assets-and-capital-gains-tax/inherited-property-and-cgt For the land over 2 ha then half the land would be subject to CGT. The wife's original share would be exempt, (acquired pre 1985) but the other half she acquired after her husband died would be subject to CGT. (she acquired it post 1985). This link provides an example of land sold under this scenario. (see example 107) https://www.ato.gov.au/forms-and-instructions/capital-gains-tax-guide-2018/part-a-about-capital-gains-tax/deceased-estates/joint-tenants

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