Private ruling: Capital Gains Tax
Date of advice: 19 December 2018
Published: April 2019
Ruling period: Year ended 30 June 20XX | Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to Month X 20XX 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: Your sibling passed away in Month X 20XX. You are named as the executor and trustee of your sibling’s will. You suffered from an illness resulting from the death of your sibling. The year after your sibling passed away, your child passed away and this caused further distress. You were not informed that you were the main beneficiary of your sibling’s estate. You contacted the deceased estate’s solicitor during Month X 20XX. When the solicitor advised you that you were the main beneficiary, you started the application of probate. The application of probate was delayed due to the deceased estate going into bankruptcy. Probate was granted on Month X 20XX. The property was sold with a contract date Month X 20XX.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 section 118-195