| Disclaimer 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: 1051767470530
Date of advice: 15 October 2020
Ruling
Subject: Capital gains tax - deceased estate
Question
Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time to the two year period until 30 April 20XX?
Answer
Yes. Having considered the circumstances and the relevant factors, the Commissioner will allow an extension of time for the disposal of the property. 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 acquired a block of land pre capital gains tax (CGT) and built his home post CGT.
The property was the deceased's main residence and not used for income producing activities before his death.
The deceased's children were all executors and beneficiaries of his estate.
The property was sold on 20XX
The complexity of the deceased estate delayed the completion of the administration of the estate.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195
Income Tax Assessment Act 1997 subsection 118-195(1)