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Edited version of private advice
Authorisation Number: 1051851043705
Date of advice: 18 June 2021
Ruling
Subject: CGT - extension of time
Question
Will the Commissioner allow an extension of time to 5 November 20XX for you to dispose of your ownership interest in the dwelling and disregard the capital gain or loss you made on the disposal?
Answer
Yes. Having considered your circumstances and the relevant factors the Commissioner will allow an extension of time. Further information about the Commissioner's discretion can be found by searching 'QC 52250' on ato.gov.au
This ruling applies for the following period:
Year ended 30 June 20##
The scheme commences on:
1 July 20##
Relevant facts and circumstances
The deceased passed away on ## April 20##.
The deceased purchased a property pre capital gains tax (CGT).
The deceased left a will naming co- executors of the estate with probate granted. The property was transferred to the executors.
The property was the deceased's main residence until passing and was not used to produce assessable income.
Shortly after the deceased's passing a co-executor went through a marriage breakdown causing emotional distress and financial hardship.
A real estate agent was engaged and a market appraisal was completed.
A co-executor moved into the property for a period of time.
A co-executor injured their left leg resulting in serious hematoma and blood clot, requiring blood thinning medication and strict bed rest for a period of months.
A disagreement between the co-executors led to one of the executors becoming obstructive regarding the sale of the property.
One week before the first COVID 19 lockdown, the co-executor vacated the property. Due to the lockdown works were delayed and real estate inspections were not allowed.
Maintenance and repairs were completed on the property.
The situation was resolved and the property sold with settlement occurring ## November 20##.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)