Private ruling: Capital Gains Tax
Date of advice: 31 October 2019
Published: January 2020
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the residential 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 acquired a property prior to 20 September 1985. The property is less than two hectares. The property consists of a commercial premise and a residential dwelling. The deceased passed away on 20XX. The dwelling was the deceased's main residence and never used to produce assessable income. Probate granted six months after the passing of the deceased. The delay in sale of the property was due to one of the beneficiaries suffering from personal health issues. This hindered the ability for the contract of sale to proceed in the two-year period. The property entered into a contract of sale two years and six months after the passing of the deceased. The purchaser delayed the settlement of the property for a period of time after the contact of sale. The property settled X years after the passing of the deceased.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 subsection 118-130(3) | Income Tax Assessment Act 1997 section 118-195 | Income tax Assessment Act 1997 section 128-15