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Edited version of private advice
Authorisation Number: 1051814683227
Date of advice: 15 March 2021
Ruling
Subject: CGT deceased estates - extension to two-year period
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 periods:
Year ended 30 June 20XX
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 unexpectedly during the year ended 30 June 20XX.
The deceased's main residence was purchased several years before their death.
The property was not used to produce assessable income.
The deceased's will named you as executor and sole beneficiary.
You experienced some issues in locating the deceased's will after their death.
You experienced some issues due to your inexperience and lack of knowledge in executing the estate and the emotional turmoil you were experiencing which delayed you getting probate.
You engaged a solicitor on X March 20XX to manage the administration of the estate.
Probate was granted on X July 20XX.
You listed the property for sale and the contract was signed on XX October 20XX.
Settlement was delayed due to issues discovered during the building and pest inspection.
Settlement was further delayed by the purchaser's requesting an extension.
The property settled on during the year ended 30 June 20XX
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-195