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Edited version of private advice
Authorisation Number: 1051806998546
Date of advice: 4 March 2021
Ruling
Subject: Capital gains tax
Question
Will the Commissioner allow an extension of time to late 20XX 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 ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away late 20YY.
Probate was granted early 20YX.
The property was originally purchased early 20MM.
The deceased had a half interest in the property.
The other half interest was held by the deceased's domestic partner (The partner).
The property remained the main residence of the deceased until the date of death.
The deceased's Will gave the partner the right of occupancy for a period, as well as the option to purchase the deceased's interest in the property during that period.
The partner exercised the right to occupy rather than purchase the deceased's interest and remained living in the property as their main residence until the property was sold.
The partner, in the capacity of Executor, decided to sell the property prior to the end of the occupancy period.
The property was put on the market and a Contract of Sale was signed late 20XX.
The property settled late 20XX.
The property was never rented.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195