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Edited version of private advice
Authorisation Number: 1051839474137
Date of advice: 18 May 2021
Ruling
Subject: Commissioner's discretion - inherited dwelling
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 or loss you made on the disposal?
Answer
Yes. Having considered your circumstances and the relevant factors the Commissioner will allow an extension of time. Further information about the Commissioner's 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 owned a property which they had purchased as joint tenants with their spouse pre capital gains tax (CGT).
The deceased's spouse passed away and the ownership share passed to the deceased through survivorship. The deceased held 50% pre-CGT and 50% post-CGT interests in the property.
The property was the main residence of the deceased until the deceased entered a nursing home.
The property sat vacant from when the deceased entered a nursing home and remained vacant to date of disposal. The deceased didn't own any other property.
The deceased passed away.
The deceased left a will naming you as the executor.
Due to an illness you were unable to attend to the administration of the deceased estate for a period.
The property was transferred to you as a beneficiary.
You listed the property with a real estate agent.
The property was sold with settlement occurring XX/XX/20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)
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