Private ruling: CGT extension of time
Date of advice: 25 February 2019
Published: May 2019
Ruling period: Year ending 30 June 201D
Date scheme commenced: 1 July 201C

Ruling: Q1: Will the Commissioner allow an extension of time to XX XXXX 201C for you to dispose of your ownership interest in the dwelling and disregard the capital gain you make on the disposal? | A1: 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

Relevant facts and circumstances: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. The deceased died in the 201B income year. The property was purchased by the deceased in 200A. The property was the deceased’s main residence until their death. The property was less than 2 hectares. The property was not rented out prior to their death or after their death. The property was sold in the 201D income year. The delay in selling the property in the 2 year time period was due to a number of legal issues relating to the estate. Firstly before probate could be granted it needed to be determined which of two Will’s was the valid Will. This determination was lengthy as Doctors were required to report on the deceased’s capacity to make a will and eventually hospital records were required to be inspected. Secondly a challenge to the wills was made by the deceased’s family member. Thirdly A claim was made under the Testator's Family Maintenance Act 1912 for provision under the will. The property could not be sold until all matters had been settled and mediation was complete and probate granted. Probate was granted in the 201D income year and the property settled shortly after.

Relevant legislative provisions: Income Tax Assessment Act 1997 Subsection 118-195(1)