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Edited version of private advice
Authorisation Number: 1051707463120
Date of advice: 2 July 2020
Ruling
Subject: Deceased estate - extension of time - deceased's main residence
Question
Will the Commissioner allow an extension of time to DD/MM/YYYY for you to dispose of your ownership interest in the dwelling and adjacent land and disregard the capital gain you made on the disposal?
Answer
Yes. Having considered your circumstances and the relevant factors the Commissioner will allow an extension of time. Further information about the Commissioner's discretion can be found by searching 'QC 52250' on ato.gov.au
This ruling applies for the following period
Year ended 30 June 20XX
The scheme commenced on
1 July 20XX
Relevant facts and circumstances
The deceased owned a dwelling purchased before 20 September 1985 and used it as their main residence throughout their ownership period.
The deceased owned land adjacent to the dwelling.
The adjacent land was used primarily for private or domestic purposes in association with the dwelling. The dwelling and adjacent land were not used for income producing purposes.
The deceased's Will was challenged which resulted in the dwelling and adjacent land not being sold within two years of the deceased's passing.
The dwelling and adjacent land were listed for sale as one parcel and you made a capital gain.
Relevant legislative provision
Income Tax Assessment Act 1997 subsection 118-195(1)
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