Private ruling: Deceased estates and capital gains tax (CGT)
Date of advice: 14 January 2019
Published: April 2019
Ruling period: Year ending 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: 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? | 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: The deceased purchased the property at a time after 19 September 1985 and resided in it as their main residence until their passing. The property was not then being used to produce assessable income. There were large sheds on the property that needed to be cleared and the contents of them transferred to the beneficiaries’ residences some distance away. During this time other members of the family passed, which resulted in a delay of administering the Estate. The property was listed for sale, was contracted and settled in a period of more than two years after the deceased passed.