| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your written advice
Authorisation Number: 1051438145191
Date of advice: 12 October 2018
Ruling
Subject: Capital gains tax
Question
Will the Commissioner allow an extension of time to dispose of your ownership interest in the dwelling and disregard the capital gain or loss 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 period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away.
The deceased acquired a dwelling and was the sole proprietor of the property.
The property was used as the main residence of the deceased until death and was never rented.
No assessable income has been derived from the property.
Executor of the will was appointed and probate was granted.
Due to unforeseen circumstances sale of the property was delayed.
Property was sold and settlement took place.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195