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CGT and Property inheritance

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ela | 28 Jul 2015, 06:40 PM Agree 0
Hello

I need to understand the CGT consequences on the following situation.
As a beneficiary I am about to inherit, along with my sibling a property in Victoria which has had a recent appraisal of 300K.
We wish to sell the property.
The circumstances of the inheritance are as follows:
My mother passed away in 1993 leaving funds to her de-facto to purchase a property under a life-interest arrangement.
He purchased an apartment for 109k in 1994 and proceeded to rent it out until his passing in July, 2014 (12 months ago).
The property has been in held in trust by the executors and the title is currently in their names.
I am currently a non-resident and have been since 1999.
My question is what are the CGT consequences if
a) the property is sold directly through the Estate before the end of 2015?
b) the property title is transferred to the beneficiaries who sell immediately, before the end of 2015?

I look forward to you replies!
  • julia | 26 Sep 2015, 09:00 PM Agree 0
    You are looking to utilize section 118-195 (2 year rule) which just can't be used unless the owner of the property is the person that just died. This is not the case in a life interest arrangement.
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