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Edited version of private advice
Authorisation Number: 1051791990852
Date of advice: 17 December 2020
Ruling
Subject: Deceased estate - extension of time - deceased's main residence
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 2019
Year ended 30 June 2020
Year ended 30 June 2021
The scheme commences on:
1 July 2018
Relevant facts and circumstances
The deceased passed away.
The deceased purchased a property, post capital gains tax (CGT) and the property was the deceased's main residence prior to passing.
The deceased's estate was subject to a number of legal challenges that delayed the sale of the property.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)