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Edited version of private advice
Authorisation Number: 1051585109690
Date of advice: 25 September 2019
Ruling
Subject: CGT - deceased estates (2 year discretion)
Question
Will the Commissioner allow an extension of time to 18 July 2018 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
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 2019
The scheme commences on:
9 January 2015
Relevant facts and circumstances
The deceased purchased the property before 20 September 1985.
The deceased resided in the property until their death.
The executor filed an application for a grant of probate with the Probate Office of the Supreme Court.
A third party filed an application for a grant of probate with the Probate Office of the Supreme Court.
The executor objected to the application for a grant of probate made by a third party.
The probate hearing went before the Supreme Court and soon after starting trial, both parties entered into an agreement.
Once probate was granted you took the following steps to prepare the property for sale; reconnect power, clear the property and carry out general maintenance to bring to saleable standard.
You sold the property.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195