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Edited version of private advice
Authorisation Number: 1051964969938
Date of advice: 28 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 ended 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 jointly with their spouse before 20 September 1985.
The deceased's spouse passed away after 20 September 1985, and the deceased acquired their deceased spouse's interest in the property by survivorship.
The property was the main residence of the deceased throughout their ownership period.
The property has never been used to produce assessable income.
The property is less than two hectares in size.
Obtainment of probate was delayed for reasons outside the trustee's control.
Following the grant of probate one of the children of the deceased contested the deceased's Will.
The property was listed for sale soon after the legal proceedings were finalised.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195