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Edited version of private advice
Authorisation Number: 1051796173928
Date of advice: 19 January 2021
Ruling
Subject: Capital gains tax - deceased estate
Question
Will the Commissioner allow an extension of time to the settlement date for the Estate to disregard the capital gain or capital loss made on disposal of the deceased's main residence?
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 pre-CGT. This was the deceased's main residence until their date of death.
The dwelling was never income producing.
The deceased acquired 100% ownership in 19XX after a marriage breakdown settlement.
The deceased passed away in 20XX and left a Last Will and Testament.
The executor responsible endured serious medical conditions which delayed the administration of the deceased's estate.
Probate was granted 20XX.
The first offer to purchase the dwelling fell through.
The second contract of sale was executed, and the property settled approximately three years after the death of the deceased.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 section 118-195