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Edited version of private advice
Authorisation Number: 1051792051961
Date of advice: 18 December 2020
Ruling
Subject: Capital gains tax and a deceased estate
Question
Will the Commissioner allow an extension of time for the Estate to disregard the capital gain or capital loss made on disposal?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information about this discretion can be found by searching 'QC 52250' on ato.gov.au.
This ruling applies for the following period:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased acquired property in joint ownership post 20 September 1985.
In 19XX the deceased acquired sole owner of the property having 100% ownership interest.
This was the deceased's main residence from acquisition to date of death.
The deceased passed away 20XX and left a Will.
The dwelling was not used to produce income.
The Will was challenged, and court proceedings commenced.
The court proceedings were finalised more than two years later.
The property was placed on the market as soon as practical.
The property was settled 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 section 118-195