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Edited version of private advice
Authorisation Number: 1051585430325
Date of advice: 24 September 2019
Ruling
Subject: Capital gains tax
Question
Will the Commissioner allow an extension of time to 18 March 2019 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 ended 30 June 20XX
The scheme commences on:
23 May 20XX
Relevant facts and circumstances
The deceased purchased property after 20 September 1985.
The property was used as the deceased's' main residence from time of purchase until passing.
The property was not used to derive income and was left vacant from the time the deceased was hospitalised prior to passing.
Court proceedings delayed the sale of the property.
The property was listed for sale as soon as reasonably practicable after the Letters of Administration were issued.
The property was sold.
Relevant legislative provisions
Income Tax Administration Act 1997 section 118-195