Private ruling: Capital gains tax
Date of advice: 28 November 2019
Published: February 2020
Ruling period: Year ending 30 June 2020
Date scheme commenced: 1 July 2019

Ruling: Q1: Will the Commissioner allow an extension of time to XX XXXX 2019 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: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. The deceased died in 20XX. The deceased owned a property. The will had beneficiaries. One of the beneficiaries was appointed Administrator/Trustee of the estate in 2018. The property was the deceased's main residence. After the deceased died the property was left vacant. The Trustee lived a two hour drive from the property and would drive to it regularly with their partner to clean out and sell their parent's belongings. They also cleaned the property ready for sale. A real estate agent was engaged to sell the property in 2018. A contract for sale was entered into in 2019. In 2019 it was advised that the purchaser wished to extend the settlement date due to issues disposing of their current property. The sale of the property was finalised 2019.

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