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Edited version of private advice
Authorisation Number: 1051964468930
Date of advice: 25 March 2022
Ruling
Subject: Capital gains tax - 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.
This ruling applies for the following period:
The year ending 30 June 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 before 20 September 1985.
The property was the main residence of the deceased throughout their ownership period.
Different factors outside of your control initially delayed the granting of probate until DD/MM/YYYY and subsequently delayed the listing of the property for a time.
Settlement occurred approximately one month after the expiration of the two-year period.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195