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Edited version of private advice
Authorisation Number: 1052022555333
Date of advice: 17 August 2022
Ruling
Subject: CGT - deceased estates
Question
Will the Commissioner exercise the discretion to allow an extension of time for you to dispose of your ownership interest in the dwelling (the property) and disregard the capital gain or capital 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 income 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 inherited the property from their deceased spouse after 20 September 1985.
The property was situated on less than X hectares of land.
The property was the main residence of the deceased just before their death and was not used to produce income at that time.
The Court granted Probate of the deceased's will.
Probate was granted to X of the deceased's children as substituted executors.
The deceased's X children (the beneficiaries) each inherited a X% interest in the property.
Sensitivity of circumstances in relation to a surviving beneficiary resulted in a delay to the disposal of the property.
No capital improvements were made to the property during the beneficiaries' ownership period.
The property was sold at auction on DD/MM/YYYY.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195