| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051720920311
Date of advice: 27 July 2020
Ruling
Subject: Income tax - capital gains tax - Commissioner's discretion to extend the two year period
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 ended 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
The deceased passed away.
The deceased was the owner of a property. The property was the deceased's main residence at time of death and the land size is less than 2 hectares.
The property had been purchased prior to 1985.
The deceased passed away with no spouse or any children.
The Last will and Testament appointed an individual as the sole Executor and Trustee who applied for Probate.
Difficulties arose around the granting of probate.
The property remained unoccupied.
Due to the difficulties surrounding the Estate eventually Letters of Administration were granted to a creditor of the Estate. Following this xxxx immediately commenced the sale process.
A contract of sale for the property was signed on xx xxx xxxx with settlement occurring on xx xxx xxxx
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
