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Edited version of private advice
Authorisation Number: 1051966768606
Date of advice: 29 March 2022
Ruling
Subject: CGT - deceased estate
Question
Will the Commissioner allow an extension of time to XX XX 20XX for you to dispose of your ownership interest in the dwelling and disregard the capital gain or loss you make on the disposal?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information about this discretion can be found by searching ' QC 66057' on ato.gov.au
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
XX XXXX 20XX
Relevant facts and circumstances
The deceased died in 20XX.
The deceased owned a residential property.
They purchased it in the 1970's.
The deceased owned this property as their main residence.
The property is less than 2 hectares.
The children of the deceased were the beneficiaries of the property in the Will.
Probate was granted in 20XX.
The Bank was unable to locate the title document and it took them almost 9 months to finally provide it to the executor of the estate.
Pandemic lockdowns prevented the executor from entering into a sale process as he resided more than five kilometres from the property and in 20XX five kilometres was the legal travel limit.
Sale of the property was not one of the allowable reasons to travel.
From the date of deceased death until the property was sold, the property was neither renovated nor used to produce income.
The property was sold in 20XX, just over 2 years since the deceased died.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195