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Edited version of private advice
Authorisation Number: 1051600207364
Date of advice: 28 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 period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts
The deceased and their spouse acquired the property (dwelling) by transfer prior to 20 September 1985.
The spouse passed away in 19xx (after 20 September 1985).
The deceased became registered as sole proprietor of the property by Notice of Death.
The deceased passed away in 20xx.
The dwelling was the deceased main residence until two months before their passing; they were admitted to hospital.
A dispute arose as to whom a Supreme Court should grant administration of the deceased estate.
A Supreme Court granted you the letters of administration with the will annexed.
The grant was approved to you in 20xx.
Instructions to obtain a grant prior to you appointment were sought after by two other firms of solicitors but such instructions could not be finalised because of a dispute between the three executors appointed under the will.
You needed to obtain a replacement certificate of title for the property as the original document was not forthcoming.
Replacement title was issued in 20xx.
The sale of the dwelling took place in 20xx.
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