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Edited version of private advice
Authorisation Number: 1051779467316
Date of advice: 12 November 2020
Ruling
Subject: Capital gains tax - main residence exemption - deceased estate
Question
Will the Commissioner allow an extension of time to XX/XX/XXXX 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 the Commissioner's discretion can be found by searching 'QC 52250' on ato.gov.au
This ruling applies for the following period
Year ending 30 June 2020
The scheme commenced on
1 July 2019
Relevant facts and circumstances
The deceased passed away in XXXX.
The deceased used the property as their main residence for their entire ownership period and never used it to produce income.
You inherited an ownership interest in the property from the deceased.
Circumstances outside of your control prevented you from selling the property until more than 2 years after the death of the deceased.
Relevant legislative provision
Income Tax Assessment Act 1997 subsection 118-195(1)