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Edited version of private advice
Authorisation Number: 1051606309325
Date of advice: 16 December 2019
Ruling
Subject: Capital gains tax
Question
Will the Commissioner allow an extension of time to mid 20XX 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 and circumstances
Your parent (The deceased) acquired the property late 20XX for $XXX,XXX.
It was their main residence and remained so until their death in mid 20XX.
There were delays in selling the property due to complexities of the estate, complexities in the administration process and circumstances outside the control of the beneficiaries.
You accepted the first offer to purchase the house and sale was settled on mid 20XX. This was more than 2 years post the deceased's death.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195(1)