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Edited version of private advice
Authorisation Number: 1051708315669
Date of advice: 30 June 2020
Ruling
Subject: Deceased estate
Question
Will the Commissioner allow an extension of time to XX/XX/XXXX 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.
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 died on XX/XX/XXXX.
Under the deceased's will, their main residence (dwelling) was bequeathed to the beneficiaries.
Legal proceeding were commenced by the executor and other family members against the beneficiaries. These proceedings were dismissed on XX/XX/XXXX and the beneficiaries obtained title on XX/XX/XXXX.
The beneficiaries sold the property on XX/XX/XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195