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This edited version has been archived due to the length of time since original publication.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: 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