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Edited version of your written advice
Authorisation Number: 1051464934586
Date of advice: 10 December 2018
Ruling
Subject: Capital gains tax – deceased estate
Will the Commissioner allow an extension of time to XX/XX/XXXX 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 period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away on XX/XX/XXXX.
At the time of their passing, they resided at a property as their main residence. The dwelling was not then used to produce assessable income.
There was a challenge to the will.
The challenge was resolved at the mediation and the matter was settled.
The executors then placed the dwelling on the market.
The property was sold with settlement occurring on XX/XX/XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195