Private ruling: Capital gains tax - deceased estate - 2 year discretion
Date of advice: 26 November 2018
Published: February 2019
Ruling period: Year ended 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 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 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 subsection 118-195(1)


Relevant facts: The deceased acquired a dwelling (The dwelling) | The deceased passed away in 20XX (The deceased) | The dwelling was the deceased’s main residence. | The land is less than 2 hectares. | The deceased entered a nursing home a number of years prior to death. | The dwelling remained vacant until 20XX when the deceased’s child and executor moved into the dwelling. | The dwelling was not used to produce assessable income. | The dwelling required significant repairs caused by the extensive period of vacancy prior to sale. | The executor was also unable to attend to the sale of the dwelling due to serious personal circumstances | The dwelling was placed on the market in 20XX and settlement occurred a short time later in 20XX.