Private ruling: Capital gains tax
Date of advice: 24 September 2019
Published: November 2019
Ruling period: Year ending 30 June 20XX | Year ending 30 June 20XX
Date scheme commenced: 20 March 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to 2 December 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: The deceased purchased the property after 20 September 1985. The property was the main residence of the deceased prior to passing away. Soon after deceased's passing, the property had evidence of potential ground water pollution from chemicals. You were unable to sell the property whilst this was being established. The process to test for the level of contamination by the council was not completed until 20XX. You placed the property on the market and a contract was signed. You did not make any major improvement or upgrades to the property. Settlement occurred in 20XX.

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