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Edited version of private advice
Authorisation Number: 1051812350738
Date of advice: 8 March 2021
Ruling
Subject: CGT main residence exemption - deceased estate - extension to 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 periods:
Year ended 30 June 20XX
Year ended 30 June 20XX
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
The deceased died during the year ended 30 June 20XX
The dwelling was purchased by the deceased pre-CGT and was the deceased's main residence.
The property was tenanted, which delayed gaining access to the house to sell, as the tenant was un-cooperative. The tenant vacated the property approximately X years and X months after the deceased's death.
The contract of sale was signed X weeks after the tenant vacated.
Settlement of the sale was extended due to unexpected circumstances that arose for the buyers of the property.
Settlement occurred X weeks after the contract was signed.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195
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