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Edited version of private advice
Authorisation Number: 1052109179844
Date of advice: 18 April 2023
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 20YY
The scheme commenced on:
DD MM YYYY
Relevant facts and circumstances
The deceased passed away on DD MM YYYY.
The deceased acquired part of their interest in the property before 20 September 1985 and part of their interest in the property after 20 September 1985.
The property was the main residence of the deceased throughout their ownership period.
The property was not being used to produce assessable income at the time of the deceased's passing.
Probate was granted on DD MM YYYY.
Extensive work was required to remove hoarded materials.
On DD MM YYYY, your husband had a double hip replacement operation from which he required some time to recover.
At the time of the deceased's passing restrictions on movements to combat the spread of Covid 19 were in place. These restrictions, which continued for periods throughout YYYY, prevented you from attending the property to prepare it for sale.
You entered into a contract to sell the property on DD MM YYYY with settlement occurring on DD MM YYYY.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195.