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Edited version of private advice
Authorisation Number: 1051712185306
Date of advice: 9 July 2020
Ruling
Subject: Capital gains tax - deceased estate
Question
Will the Commissioner allow an extension of time for you 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. Further information about this discretion can be found by searching 'QC 52250' on ato.gov.au
This ruling applies for the following period:
Year ending 30 June 2020
The scheme commences on:
1 July 2019
Relevant facts and circumstances
The deceased passed away on XX XXX XXXX.
The property was acquired by the deceased in XXXX.
The deceased used the property as their main residence for the entire ownership period. The property was never used for income producing purposes.
The will provided that the property be inherited jointly by the deceased's surviving children.
The property was transferred to the beneficiaries.
The property required repairs before placing it on the market.
Once the repairs were completed the property was placed on the market on XX XXX XXXX.
A contract was signed and settlement of the property occurred on XX XXX XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)
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