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Edited version of private advice
Authorisation Number: 1051613828728
Date of advice: 13 December 2019
Ruling
Subject: Income Tax - Capital Gains Tax - Deceased Estate
Question
Will the Commissioner allow an extension of time to XX 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 ending June 2019
Year ending June 2020
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased owned a property which they used as their main residence until their death.
The deceased had a foreign Will which delayed probate.
The XYZ probate office required additional legal advice to confirm that foreign Will was genuine.
The Will required an Australian lawyer who understood the foreign law to confirm the will was genuine.
The executor experienced difficulty in managing the complex process of administering the estate due to working overseas until they returned to Australia permanently.
Probate was granted on xx/xx/xxxx.
Property was sold on xx/xx/xxxx
Property was settled on xx/xx/xxxx.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195