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Edited version of private advice
Authorisation Number: 1052000293410
Date of advice: 20 July 2022
Ruling
Subject: CGT - deceased estates
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 ato.gov.au for 'QC 66057'.
This ruling applies for the following period:
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts
The deceased passed away.
The dwelling was the main residence of the deceased throughout their ownership period.
The dwelling has never been used to produce assessable income.
The land area is less than 2 hectares in size.
One of the Executor's of the estate was diagnosed with a terminal illness during the period of administration and passed away recently.
The medical diagnosis has caused some delays in finalising the sale of the dwelling.
The dwelling has been placed on the market and settlement took after a period of time.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195
Income Tax Assessment Act 1997 subsection 118-120(3)
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