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Edited version of private advice
Authorisation Number: 1051853688291
Date of advice: 18 June 2021
Ruling
Subject: CGT - deceased estate
Question
Will the Commissioner allow an extension of time to settlement date 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 acquired property in 20XX as joint owner. The property was more than two hectares.
The deceased acquired sole ownership of the dwelling in 20XX.
Prior to deceased's date of death, they moved to an aged care facility.
This was the deceased's main residence until date of death in 20XX.
Probate was granted in 20XX.
The executors were registered on the legal title in 20XX.
The dwelling remained vacant until sold and was not used to produce income.
The dwelling was prepared for sale as soon as practical.
The delay in selling the property were caused by factors outside of your control.
The contract of sale was entered into 20XX and settlement occurred two months later, one month outside the two-year period.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 section 118-195