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Edited version of private advice
Authorisation Number: 1051594933451
Date of advice: 15 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 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 ended 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased died.
The deceased had lived in and owned the dwelling. It was their main residence until their death.
Part of the dwelling was damaged and it could not be put on the market. The repair work took a long time to be completed.
The property was sold. The settlement date occurred.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195