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You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4.

Edited version of private advice

Authorisation Number: 1052034296258

Date of advice: 15 September 2022

Ruling

Subject:CGT - deceased estates

Question

Will the Commissioner allow an extension of time for you to dispose of your ownership interest in 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:

Year ending 30 June 20XX

The scheme commences on:

X April 20XX

Relevant facts and circumstances

The deceased passed away on XX February 20XX.

The deceased acquired a half share of the property prior to 20 September 1985 and the remaining half share of the property after 20 September 1985.

The property was the main residence of the deceased throughout their ownership period.

The property has never been used to produce assessable income.

Probate was granted on XX November 20XX.

Sensitivities surrounding the health of one of the deceased's children, who was residing in the property at the time of the deceased's passing, led to a delay in disposing of the property.

You entered into a contract to sell the property on XX April 20XX with settlement occurring on XX August 20XX.

Relevant legislative provisions

Income Tax Assessment Act 1997 section 118-195