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Edited version of private advice
Authorisation Number: 1051958354303
Date of advice: 9 March 2022
Ruling
Subject: CGT - deceased estate
Question
Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the dwelling (the property) 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 ato.gov.au for 'QC 66057'.
This ruling applies for the following period:
The year ending DD/MM/YYYY
The scheme commences on:
DD/MM/YYYY
Relevant facts and circumstances
The deceased passed away on DD/MM/YYYY.
The deceased acquired the property after 20 September 1985.
The property was the main residence of the deceased throughout their ownership period.
The property has never been used to produce assessable income.
After the deceased passed away, the property suffered significant damage and the resulting repairs took an extended period due to the impact of COVID restrictions. This resulted in a delay in the sale of the property.
The property was listed for sale soon after the repairs were finalised and shortly afterwards it was sold.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195