Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. 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: 5010066169173
Date of advice: 02 April 2020
Ruling
Subject: Income tax - capital gains tax - Commissioner's discretion to extend the two year period
Question
Will the Commissioner allow an extension of time for you 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 52250' on ato.gov.au
This ruling applies for the following period:
Year ended 30 June 2020
The scheme commences on:
1 July 2019
Relevant facts and circumstances
The deceased passed away.
The deceased was the beneficiary of a property. The property was the deceased's main residence at time of death and the land size is less than two hectares.
The deceased passed away intestate, they had no spouse or any children.
State Trustees Limited (STL) was referred this estate on xx xxx xxxx.
STL immediately started securing and ascertaining the assets of the estate and commenced the process of ascertaining next of kin.
STL were granted Letters of Administration. Due to the complexity of the estate relating to the inheritance of the property it was not until xx xxx xxxxx that STL were able to move forward with the sale of the property.
A contract of sale for the property was signed on xx xxx xxxx with settlement occurring on xx xxx xxxx
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)