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Edited version of private advice
Authorisation Number: 1051651182436
Date of advice: 26 March 2020
Ruling
Subject: Capital gains tax - extension of time
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:
1 July 20XX
Relevant facts and circumstances
The deceased passed away.
The deceased owned property. The property was the deceased's main residence at time of death.
Two of the beneficiaries nominated in the Will challenged its validity and as a result of the legal challenge a Caveat was placed on the property preventing the sale.
After an ongoing legal dispute a Deed of Compromise was reached between the parties and the court ordered the lifting of the Caveat.
The solicitors representing the beneficiaries provided the Public Trustee with the required documentation advising of the lifting of the Caveat on XX XXX XXXX.
A contract of sale for the property was signed on XX XXX XXXX with settlement occurring on XX XXX XXXX
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)