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Edited version of private advice
Authorisation Number: 1051630545880
Date of advice: 31 January 2020
Ruling
Subject: Capital gains deceased estate
Question
Will the Commissioner allow an extension of time to X December 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:
The Year Ending 30 June 2020
The scheme commences on:
X December 20XX
Relevant facts and circumstances
The deceased passed away on X 20XX
The deceased acquired the property after the 20 September 1985
An issue with how the deceased's will was executed, caused part of the will to be deemed invalid. Consequently, the executors were required to make an application to the NSW Supreme Court to validate the whole will. Grant of Probate was not obtained until XX August 20XX.
The property is situated at X.
The property was listed for sale in 20XX.
The contracts for the sale of the property were exchanged on the X December 20XX with settlement taking place on the X December 20XX.
The property is less than 2 hectares in size
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195