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Edited version of private advice
Authorisation Number: 1051989391714
Date of advice: 31 May 2022
Ruling
Subject: CGT - deceased estate
Question
Will the Commissioner exercise his discretion under section 118-195 of the Income Tax Assessment Act 1997 to extend the two-year period to dispose of the dwelling?
Answer
Yes.
Having considered your circumstances and the relevant factors, the Commissioner will extend the two-year period to dispose of the dwelling to the settlement date. Further information about this discretion can be found by searching 'QC 66057' on ato.gov.au
This ruling applies for the following period:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased died a number of years ago.
The property was inherited from their spouse before 20 September 1985.
The property was the deceased's main residence just before they died.
The deceased's Will gave their child the right to reside in the property for their life time.
On termination of the right to reside the property formed part of the residue of the estate.
The chid relinquished their right to reside in the property when they went into an aged care facility.
The property was listed for sale a few months later.
The sale contract was signed a few weeks later and settlement was in the following month.
The property was less than 2 hectares.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195