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Edited version of private advice
Authorisation Number: 1051794873525
Date of advice: 7 January 2021
Ruling
Subject: Capital gains tax - deceased estate
Question
Will the Commissioner allow an extension of time for the Estate to disregard the capital gain or capital loss made on the disposal of the deceased's main residence?
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 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away in 20XX and left a Last Will and Testament.
The deceased's will was challenged.
After the court decided the legal proceedings, the court appointed executor placed the deceased's main residence on the market as soon as practical.
The property had never been used to produce income.
Settlement on the sale of the property occurred approximately two and a half years after the deceased passed away.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 section 118-195
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