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Edited version of private advice
Authorisation Number: 1051593063485
Date of advice: 31 October 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 residential 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 deceased acquired a property prior to 20 September 1985. The property is less than two hectares.
The property consists of a commercial premise and a residential dwelling.
The deceased passed away on 20XX.
The dwelling was the deceased's main residence and never used to produce assessable income.
Probate granted six months after the passing of the deceased.
The delay in sale of the property was due to one of the beneficiaries suffering from personal health issues. This hindered the ability for the contract of sale to proceed in the two-year period.
The property entered into a contract of sale two years and six months after the passing of the deceased.
The purchaser delayed the settlement of the property for a period of time after the contact of sale.
The property settled X years after the passing of the deceased.
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
Income tax Assessment Act 1997 section 128-15