Private ruling: Capital gains tax
Date of advice: 28 November 2018
Published: March 2019
Ruling period: Year ended 30 June 2014 | Year ended 30 June 2015 | Year ended 30 June 2016 | Year ended 30 June 2017 | Year ended 30 June 2018 | Year ending 30 June 2019
Date scheme commenced: 1 July 2013

Ruling: Q1: 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? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time.

Relevant facts and circumstances: The deceased passed away in 2014. The deceased acquired a dwelling and was co-owner of the property. The property was used as the main residence of the deceased‘s until their death. No assessable income has been derived from the property. Due to unforeseen circumstances sale of the property was delayed. The contract was signed and the property settled in July 2018.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-195