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Edited version of private advice
Authorisation Number: 1051855979955
Date of advice: 3 August 2021
Ruling
Subject: Capital gains tax
Question
Will the Commissioner allow an extension of time to mid 20YY 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 owner of the property passed away early 20XY.
The property was their main residence.
Due to the circumstances in which they passed away, the property required extensive repairs and cleaning which occurred over several months. It was also stated to be more difficult to sell the property due to these circumstances.
Damage from the use of the property by the deceased's drug dependent child was also required to be repaired.
Probate was granted in 20XX.
The property was valued prior to being placed on the market.
The property was placed on the market late 20XX.
Several offers were received over the following months. They were all below the valuation.
An offer was accepted mid 20YY for less than the property valuation.
The property settlement was delayed for several days and then occurred mid 20YY.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195