Private ruling: Capital Gains Tax – Deceased Estate
Date of advice: 22 May 2019
Published: July 2019
Ruling period: Year ending 30 June 2019
Date scheme commenced: 1 July 2015

Ruling: Q1: Will the Commissioner allow an extension of time to 30 June 2019 for you to dispose of your ownership interest in the dwelling and disregard the capital gains you made 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 2015. The property was purchased by the deceased before 20 September 1985. The property was used as the main residence of the deceased until the death of the deceased and remained unoccupied after death until sold by the estate. Efforts to settle this estate were delayed by various severe health issues affecting various family members of the trustee and these had the effect of delaying the sale of the property.

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