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Edited version of private advice
Authorisation Number: 1052056408107
Date of advice: 10 November 2022
Ruling
Subject: Capital gains tax
Question
Will the Commissioner allow an extension of time to dispose of your ownership interest in the dwelling and disregard the capital gain 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:
1 July 20XX
Relevant facts and circumstances
The deceased died over two decades ago.
The deceased purchased the property prior to 20 September 1985.
The property was the deceased's main residence for the whole of their ownership period.
The deceased provided a life interest in the property to their spouse under the will.
The spouse ended their life interest in the property recently when they moved in with their child.
Probate was granted several months after the deceased passed away.
The property remained vacant until it was sold.
The property was less than 2 hectares.
Settlement occurred earlier this year.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195