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Edited version of private advice
Authorisation Number: 1051598144023
Date of advice: 23 October 2019
Ruling
Subject: Deceased estate- two year discretion
Question
Will the Commissioner allow an extension of time to XX 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 ending 30 June 2020
Year ending 30 June 2019
The scheme commences on:
11 June 2017
Relevant facts and circumstances
The deceased resided in the property until their death.
There are two trustees and executors for the estate.
One of the trustees suffered from serious health issues leading to a delay in the sale of the property.
Property was sold and settlement occurred on XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195.