One sentence can decide if the family home is CGT-free (Australia)
One sentence in a will can decide whether an inherited family home is completely CGT-free — or triggers a six-figure tax bill. Most families assume that if someone lives in a deceased person’s home until it’s sold, the capital gain is automatically ignored. That assumption is now risky. The ATO has released a draft determination that makes one thing very clear: it’s not about who lived in the home — it’s about where the legal right to live there came from. If you’re administering an estate, living in an inherited home, or drafting wills and testamentary trusts, this is something you should understand before settlement — not after. Grown-Up Talk: The Fine Print DISCLAIMER - This video is for informational purposes only and should not be considered tax or legal advice. This video does not take into consideration your personal circumstances. Consult with a qualified financial planner, tax advisor or legal consultant before making any decisions regarding your situation. THANK YOU! I’ve done my best to research and share the most accurate information in this video. Anything insightful should be credited to the valuable sources and papers referenced, especially those from CCH. Any mistakes, however, are mine alone. As I'm here to learn and grow, I truly welcome your feedback. If I’ve missed something or made an error, please feel free to leave a comment below or email me at [email protected]. And finally, life is short, and I’m grateful that you chose to spend some of your precious time watching this video and reading these words. Thank you. Time codes 0:00 Intro 0:50 The special CGT rule for deceased estates 1:29 The key phrase 2:10 ATO’s view 1:58 Trap #1: Side agreements don’t work 2:30 Trap #2: Executor discretion isn’t enough 3:54 Trap #3: Time-limited rights to occupy 4:38 The exception: court orders 5:15 Practical checklist to protect the exemption
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