Private ruling: Capital gains tax - deceased estate
Date of advice: 12 October 2020
Published: November 2020
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to 20XX for you to dispose of your ownership interest in the dwelling and land sold with dwelling up to a limit of two hectares 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' and 'QC22169 on ato.gov.au and'.

Relevant facts and circumstances: The deceased acquired the property in 20XX and continuously occupied the home as main residence up until date of death. The property was used for rural residential purposes only and there was never any business enterprise conducted on the property or any income generated from the property. Probate was granted 20XX. The executor of the estate is the deceased's child. On January 20XX the property was listed for sale. The property sold September 20XX.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-195 | Income Tax Assessment Act 1997 subsection 118-195(1)