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Edited version of private advice
Authorisation Number: 1051766101049
Date of advice: 12 October 2020
Ruling
Subject: Capital gains tax - deceased estate
Question
Will the Commissioner allow an extension of time to 20XX for you to dispose of your ownership interest in the dwelling and land sold with dwelling up to a limit of two hectares 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' and 'QC22169 on ato.gov.au and'.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased acquired the property in 20XX and continuously occupied the home as main residence up until date of death.
The property was used for rural residential purposes only and there was never any business enterprise conducted on the property or any income generated from the property.
Probate was granted 20XX.
The executor of the estate is the deceased's child.
On January 20XX the property was listed for sale.
The property sold September 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195
Income Tax Assessment Act 1997 subsection 118-195(1)
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