Private ruling: CGT - deceased estate
Date of advice: 24 June 2021
Published: August 2021
Ruling period: Year ended 30 June YYYY
Date scheme commenced: DD/MM/YYYY

Ruling: Q1: Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the dwelling and disregard any capital gain or loss you made on the disposal? | A1: Yes. Having considered the circumstances and relevant factors, the Commissioner will allow an extension of time under section 118-195 of the Income Tax Assessment Act 1997 . Further information about the discretion about be found by searching QC 52250 on ato.gov.au.

Relevant facts and circumstances: The deceased passed away on DD/MM/YYYY. The deceased acquired the dwelling post capital gains tax. The dwelling was the deceased's main residence for the whole ownership period. Following the deceased's death, the executor located two different wills of the deceased. In both wills the deceased's spouse was given life occupancy of the dwelling. In the deceased's first will, the deceased's children were sole beneficiaries. In the deceased's second will, the deceased's spouse was the sole beneficiary (the second will). The second will was challenged by the deceased's children. The deceased's children and spouse subsequently entered into a Deed of Family Arrangement. The deceased's spouse occupied the dwelling pursuant to the life occupancy until death. Probate was granted on DD/MM/YYYY. Following the grant of probate, the dwelling was prepared for sale and placed on the market. Settlement occurred on DD/MM/YYYY.

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


This ruling applies for the following period: