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This edited version has been archived due to the length of time since original publication.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: 1051647902691

Date of advice: 07 April 2020

Ruling

Subject: Capital gains tax

Question

Will the Commissioner allow an extension of time to early 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:

Year ending 30 June 2020

The scheme commences on:

1 July 2019

Relevant facts and circumstances

The deceased passed away early 20XX.

The property was the main residence of the deceased.

Probate was granted to you late 20XX.

You spent some time clearing the property for sale and subsequently listed the property for sale in late 20XX.

You dropped the price several times as you did not receive any offers for the property due to a downturn in the property market.

You received an offer in mid 20XY which you accepted however the sale was not completed.

You changed real estate agents in late 20XY.

In early 20XZ you received an offer which you accepted and was settled early 20XZ.

The property has not been occupied or used to produce any income during the period it has been owned by the estate.

Relevant legislative provisions

Income Tax Assessment Act 1997 Section 118-195.