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Edited version of private advice
Authorisation Number: 1051531469385
Date of advice: 18 June 2019
Ruling
Subject: Capital gains tax - deceased estate two year discretion
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 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 ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The property was acquired prior to 1985.
The deceased passed away.
The property was the deceased's main residence and was not used to produce income.
There were 3 executors appointed.
The lead executor suffered health issues that prevented them from finalising the estate.
The property settled.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)