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Edited version of private advice
Authorisation Number: 1051613938174
Date of advice: 13 December 2019
Ruling
Subject: Capital gains tax
Question
Will the Commissioner allow an extension of time to XXXX 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 ending 30 June 2020
The scheme commences on:
1 July 2019
Relevant facts and circumstances
This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
Your relative passed away on XXXX.
You inherited a property from your relative.
Probate was granted on XXXX.
The property was your relative's main residence.
In your relative's will dated XXXX, a provision was made for that your relative's partner was entitled to remain at the property for a period after your relative's death and pay all expenses in relation to the property for that period themselves.
Upon the cessation of the right to occupy period, the property would form part of your relative's estate.
On the XXXX your relative's partner filed to challenge your relative's will.
The matter was finalised on XXXX.
Your relative's partner moved out of the property and the property was immediately prepared and listed for sale.
The sale of the property was finalised XXXX for the amount of $XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)