Private ruling: CGT - deceased estates
Date of advice: 20 July 2022
Published: December 2022
Ruling period: Year ending 30 June 20XX | 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 dwelling and disregard the capital gain or loss 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 the Commissioner's discretion can be found by searching ato.gov.au for 'QC 66057'.


Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-195 | Income Tax Assessment Act 1997 subsection 118-120(3)


Relevant facts: The deceased passed away. | The dwelling was the main residence of the deceased throughout their ownership period. | The dwelling has never been used to produce assessable income. | The land area is less than 2 hectares in size. | One of the Executor's of the estate was diagnosed with a terminal illness during the period of administration and passed away recently. | The medical diagnosis has caused some delays in finalising the sale of the dwelling. | The dwelling has been placed on the market and settlement took after a period of time.