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Edited version of private advice
Authorisation Number: 1051585222258
Date of advice: 24 September 2019
Ruling
Subject: Capital gains tax
Question
Will the Commissioner allow an extension of time to 2 December 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 ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
20 March 20XX
Relevant facts and circumstances
The deceased purchased the property after 20 September 1985.
The property was the main residence of the deceased prior to passing away.
Soon after deceased's passing, the property had evidence of potential ground water pollution from chemicals.
You were unable to sell the property whilst this was being established. The process to test for the level of contamination by the council was not completed until 20XX.
You placed the property on the market and a contract was signed.
You did not make any major improvement or upgrades to the property.
Settlement occurred in 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195