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Edited version of private advice
Authorisation Number: 1051756376872
Date of advice: 23 September 2020
Ruling
Subject: Capital gains tax - deceased estate
Question
Will the Commissioner allow an extension of time to DD/MM/YYYY for you to dispose of your ownership interest in the dwelling (the property) and disregard the capital gain you made on the disposal?
Answer
Yes. Having considered your circumstances and the relevant factors the Commissioner will allow an extension of time. Further information about the Commissioner's discretion can be found by searching 'QC 52250' on ato.gov.au
This ruling applies for the following periods
Year ended 30 June 20XX
Year ended 30 June 20XX
The scheme commenced on
1 July 20XX
Relevant facts and circumstances
The deceased passed away on DD/MM/YYYY.
The deceased acquired the property after 20 September 1985.
The property was the main residence of the deceased throughout their ownership period.
The property was never used to derive assessable income.
There were legal challenges over the validity of the deceased's Will and disputes between the beneficiaries which caused delays with administering the estate and the sale of the property.
Probate for the Estate was granted on DD/MM/YYY.
The property was placed on the market.
A further delay occurred following further disputes between the beneficiaries of the Estate.
The disputes were finalised on DD/MM/YYYY.
The property has now been sold with settlement occurring on DD/MM/YYYY.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)