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Edited version of private advice
Authorisation Number: 1051968569685
Date of advice: 6 April 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 periods:
The year ended 30 June YYYY
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 and their spouse acquired the property jointly before 20 September 1985.
The deceased's spouse passed away after 20 September 1985.
The property was the main residence of the deceased throughout their ownership period.
The property was not used to produce assessable income at the time of the deceased's death.
The property is less than two hectares in size.
The property was vacant from the deceased's date of death until settlement.
Legal challenges to the Will delayed your ability to dispose of the dwelling.
After the legal challenges were resolved there was another short period of delay after the property was damaged by a weather event which necessitated some repairs.
The property was then put on the market with the sale and then settlement occurring shortly afterwards.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195