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Edited version of your written advice
Authorisation Number: 1051465242238
Date of advice: 19 December 2018
Ruling
Subject: Capital Gains Tax
Question
Will the Commissioner allow an extension of time to Month X 20XX 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 periods:
Year ended 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
Your sibling passed away in Month X 20XX.
You are named as the executor and trustee of your sibling’s will.
You suffered from an illness resulting from the death of your sibling.
The year after your sibling passed away, your child passed away and this caused further distress.
You were not informed that you were the main beneficiary of your sibling’s estate.
You contacted the deceased estate’s solicitor during Month X 20XX.
When the solicitor advised you that you were the main beneficiary, you started the application of probate.
The application of probate was delayed due to the deceased estate going into bankruptcy.
Probate was granted on Month X 20XX.
The property was sold with a contract date Month X 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 section 118-195