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Edited version of your written advice
Authorisation Number: 1051459427481
Date of advice: 28 November 2018
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 you make on the disposal?
Answer
Yes.
Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time.
This ruling applies for the following periods:
Year ended 30 June 2014
Year ended 30 June 2015
Year ended 30 June 2016
Year ended 30 June 2017
Year ended 30 June 2018
Year ending 30 June 2019
The scheme commences on:
1 July 2013
Relevant facts and circumstances
The deceased passed away in 2014.
The deceased acquired a dwelling and was co-owner of the property.
The property was used as the main residence of the deceased‘s until their death. No assessable income has been derived from the property.
Due to unforeseen circumstances sale of the property was delayed. The contract was signed and the property settled in July 2018.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195