| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051619844753
Date of advice: 16 December 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 20XX
The scheme commences on:
01 July 20XX
Relevant facts
The deceased passed away 20xx.
The deceased purchased a property prior to 19xx and was the main residence of the deceased.
The deceased moved into an aged care facility in 20xx but maintained the property as their home visiting often until the date of death.
Property was rented out on 20xx.
Settlement of the property was in 20xx, and was in the first month after the usual two-year period allowed in these matters.
In 20xx, discussions commenced with agents to sell the property. The property was listed on the market for sale 20xx.
There was delay during the selling of the property which included: probate being granted from overseas, potential challenge of the estate by a family member, dealing with an unclaimed monies request with the State Revenue Office and minor matters in regard to charity beneficiaries delaying the matter.
The Legal Personal Representative of the estate was involved in an accident that caused them to be in hospital for an extended amount of time. After release they weren't able to return to work or drive for an extended amount of time as well.
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