| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051599696044
Date of advice: 24 October 2019
Ruling
Subject: Capital gains tax- deceased estate commissioners two year discretion
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 period:
Year ending 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
The deceased purchased the property in 19XX.
The deceased passed away in 20XX.
At the time of their death the deceased owned a residential property as their main residence.
The property was never used for income producing purposes.
The property title was transferred to the legal personal representative who subsequently sold the more than two years after the deceased death.
The property sale was delayed due to the legal personal representative and beneficiary suffering grief caused by the sudden loss of their parent and their psychological and emotional condition in addition to a decrease property demand in the area.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 118-195(1)