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Edited version of private advice
Authorisation Number: 1051647576682
Date of advice: 16 March 2020
Ruling
Subject: CGT - Deceased Estate
Question
Will the Commissioner allow an extension of time to Date 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 periods:
Year ended 30 June 2020
The scheme commences on:
1 July 2017
Relevant facts and circumstances
The deceased died on in late 20XX.
The residential property was purchased by the deceased on an unknown date well before the introduction of Capital Gains Tax (CGT) in Australia.
The property was used as the main residence of the deceased until the death of the deceased and has not been rented at any time.
The Will was contested and the matter was dealt with in the Supreme Court which issued a Terms of Settlement in mid-20YY. This legal action delayed the listing of this property for sale unavoidably.
The estate then listed the property for sale and settlement occurred recently.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 118-195(1)