Private ruling: Capital gains tax – deceased estate
Date of advice: 10 December 2018
Published: April 2019
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to XX/XX/XXXX 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 passed away on XX/XX/XXXX. At the time of their passing, they resided at a property as their main residence. The dwelling was not then used to produce assessable income. There was a challenge to the will. The challenge was resolved at the mediation and the matter was settled. The executors then placed the dwelling on the market. The property was sold with settlement occurring on XX/XX/XXXX.

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