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Edited version of your written advice
Authorisation Number: 1051457137126
Date of advice: 22 November 2018
Ruling
Subject: Capital gains tax
Question
Will the Commissioner allow an extension of time to dispose of your ownership interest in the dwelling and disregard the capital gain you make on the disposal?
Answer
Yes.
Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time.
This ruling applies for the following periods:
Year ended 30 June 20XX
Year ended 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away in 20XX.
The property was the deceased’s main residence.
Due to deteriorating health, the deceased moved out of the property to live with family.
The property was tenanted.
Probate was granted six months after the passing of the deceased.
The certificate of title was transferred to the beneficiaries five months after probate was granted.
Due to unforeseen circumstances sale of the property was delayed.
Property was sold and settlement took place more than two years after the passing of the deceased.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195
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