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Edited version of private advice
Authorisation Number: 1051929401857
Date of advice: 2 December 2021
Ruling
Subject: CGT - deceased estate - two-year extension
Question
Will the Commissioner allow an extension of time for you to dispose of your interest in the dwelling and disregard the capital gain made on the disposal?
Answer
Yes.
Your circumstances and the relevant factors have been considered. The Commissioner will allow an extension of time. Further information on extensions to the 2-year ownership period can be found by searching QC 66057 on our website ato.gov.au.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased acquired property with their late spouse pre-CGT as tenants in common and this was their main residence until their deaths.
The deceased's late spouse passed away in 20XX and the deceased acquired 100% sole ownership in the property.
The deceased passed away in 20XX and left a will.
The deceased named two children as the executors and beneficiaries. One child renounced probate.
Probate was granted DD MM 20XX to the remaining executor.
For reasons outside the remaining executor's control, the property was placed on the market as soon as practical.
The property was sold in 20XX and settlement occurred 20XX, two months outside the two-year period.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 section 118-195