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Edited version of private advice
Authorisation Number: 1051778909944
Date of advice: 10 November 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
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away.
The deceased owned a property which they had purchased before 20 September 1985, that is, pre capital gains tax (CGT), and the property was used to produce assessable income, with it being tenanted.
The property was sold by the deceased estate with settlement taking place a few months after the two year period to dispose of a deceased's dwelling had expired.
A number of factors contributed to the delay in the sale of the property including a challenge to the will which took a number of months to resolve.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)