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Edited version of private advice
Authorisation Number: 1051604163445
Date of advice: 5 November 2019
Ruling
Subject: Capital gains- two year discretion
Question
Will the Commissioner allow an extension of time to 30 June 2019 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 2019
The scheme commences on:
1 July 2018
Relevant facts and circumstances
The deceased passed away on XX/XX/XXXX
The main residence was X. The property was jointly owned with X, who has also since passed.
The grant of probate was delayed due to court proceedings concerning assets of the estate and the validity of the will.
Probate was granted on XX/XX/XXXX.
There was a further delay in selling the property due to the executor having to co-ordinate the sale with the executors of the estate.
A contract of sale for the property was entered in on XX/XX/XXXX.
Settlement of the property occurred on XX/XX/XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195.