| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051796775191
Date of advice: 14 January 2021
Ruling
Subject: Capital gains tax - extension of time
Question
Will the Commissioner allow an extension of time 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 this discretion can be found by searching 'QC 52250' on ato.gov.au
This ruling applies for the following period:
Year ended 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away on xx xxx xxxx.
The deceased owned property. The property was the deceased's main residence at time of death.
The property was less than two hectares. The dwelling was not used for income producing purposes.
The dwelling was sold by the estate more than two years after the death of the deceased.
There were a few factors, all of which were outside the control of the administrator of the estate, that contributed to the delay. The cause of most of the delay was a dispute between the beneficiaries which prevented the administrator from being able to sell the property.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)