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Edited version of private advice
Authorisation Number: 1051769328844
Date of advice: 26 October 2020
Ruling
Subject: Deceased estate - extension of time
Question
Will the Commissioner allow an extension of time to DD/MM/YYYY for you to dispose of your ownership interest in the dwelling and adjacent land 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
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased purchased a property after 20 September 1985 with their spouse (your step parent) and used it as their main residence throughout their ownership period.
You and your sibling inherited your parent's ownership interest in the dwelling when they passed away.
Your step parent continued to live in the dwelling before they moved into a nursing home.
Your step parent passed away and left their ownership interest in the dwelling to their children.
The property has not been used for income producing purposes.
The property was sold with settlement occurring more than two years, but less than three years, after your parent passed away.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)