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Edited version of private advice
Authorisation Number: 1052078491439
Date of advice: 18 January 2023
Ruling
Subject: CGT - deceased estate
Question
Will the Commissioner allow an extension of time for you to dispose of your ownership interest in your dwelling (the property) and disregard any capital gain or loss you made on the property?
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 'QC66057'.
This ruling applies for the following period:
The year ended 30 June 20YY
The scheme commences on:
1 July 20YY
Relevant facts and circumstances
The deceased passed away on DD MM YYYY.
The deceased acquired the property before 20 September 1985.
The property was the main residence of the deceased at the time of their death and was not then or since being used to produce assessable income.
The property was situated on less than 2 hectares of land.
The delay in disposing of the property was caused by the sensitivity of the personal circumstances of the surviving relatives of the deceased due to sickness and health issues.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195