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Edited version of private advice
Authorisation Number: 1051902947461
Date of advice: 23 September 2021
Ruling
Subject: CGT - deceased estate - right to occupy
Question
Will the Commissioner allow an extension of time to 2 September 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 ending 30 June 20XX
The scheme commences on:
1 June 20XX
Relevant facts and circumstances
The deceased passed away and left a will, with probate granted.
The deceased purchased a property as a post capital gains tax (CGT).
The deceased's will granted a right to occupy the property.
The dwelling was occupied as their main residence at all time under the occupation right, until they vacated the property on xx/xx/xxxx.
The property was not used for income producing purposes.
The property was placed on the market and sold with settlement occurring.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)