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Edited version of private advice
Authorisation Number: 1051603754937
Date of advice: 11 November 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 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
The deceased lived in the house as their main residence from the purchase date - which was prior to September 20, 1985.
The deceased passed away 20xx, probate granted 20xx.
Property was sold and settlement date was 20xx.
Property was not rented from date of death till settlement.
Being a home for a large number of years, being cleaned and emptied took longer than expected.
There was also neglect to maintenance, which needed to be fixed before sale.
Cleaning could only be conducted during weekends.
Settlement occurred a short time outside of the 2 year exemption period.
The estate of the deceased's and the estate of their spouses did not apply for TFNs as there was no other income or assets and both were in receipt of the Age Pension from Centrelink.
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