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Edited version of private advice
Authorisation Number: 1051533794049
Date of advice: 24 June 2019
Ruling
Subject: Capital gains tax
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(s)
Year ended 30 June 2019.
The scheme commences on
1 July 2018.
Relevant facts
The deceased acquired a dwelling (the dwelling).
The deceased passed away in 20XX.
The dwelling was the deceased's main residence.
The deceased made a will that was prepared from a will kit.
The deceased named their child ('A') as executor and beneficiary.
'A' attempted to obtain probate however the Supreme Court required further information surrounding the will before probate would be granted.
'A' engaged legal representation to assist in preparation of an affidavit explaining the circumstances surrounding the execution of the will.
The preparation of the affidavit took some time and delays were experienced as a result.
A grant of probate was issued in 20xx.
The dwelling was occupied by a child of the deceased, ('B') and their disabled children shortly after the death of the deceased.
'B' is in receipt of a disability pension and finding alternative accommodation proved difficult and caused some further delays.
The dwelling was listed with a real estate and a contract for sale was entered into shortly after in 20xx.
Settlement occurred in 20xx.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 subsection 118-130(3)
Income Tax Assessment Act 1997 section 118-195