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Edited version of private advice
Authorisation Number: 1051756019487
Date of advice: 17 September 2020
Ruling
Subject: Capital gains tax
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:
Ruling end date 30 June 20XX
The scheme commences on
1 July 20XX
Relevant facts and circumstances
The deceased passed away.
The deceased left a will (the Will). The Will was granted probate.
The Will appointed the executors and trustees of the estate.
The will included a dwelling.
Delays in finalising the Will were cases by:
- A claim on the Estate made by one of the beneficiaries which resulted in legal action.
- Due to Covid-19, the stamp duty determination was delayed.
The Property was sold, and settlement has occurred.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)