Private ruling: Extension of the main residence exemption for a deceased estate
Date of advice: 21 November 2018
Published: February 2019
Ruling period: Year ending 30 June 20XX
Date scheme commenced: I July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to XX XXX XXXX 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 extension and inherited dwellings can be found by searching 'QC 52250' on ato.gov.au

Relevant facts and circumstances: The deceased passed away on XX XXX XXXX. Probate was granted XX XXX XXXX. The property had been occupied as the principal residence from 19XX until the day they died. The title of the property was lost and the solicitor had to apply for a new title to issue. Throughout the relevant period one of the deceased’s immediate family members, and a beneficiary of the estate, suffered from serious health issues and passed away. One of the executor’s of the estate also suffered from serious health issues that prevented them from finalising the estate. The property was sold at auction and settled on XX XXX XXXX.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-195