Private ruling: Capital gains tax - deceased estate
Date of advice: 7 January 2021
Published: March 2021
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time for the Estate to disregard the capital gain or capital loss made on the disposal of the deceased's main residence? | 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: The deceased passed away in 20XX and left a Last Will and Testament. The deceased's will was challenged. After the court decided the legal proceedings, the court appointed executor placed the deceased's main residence on the market as soon as practical. The property had never been used to produce income. Settlement on the sale of the property occurred approximately two and a half years after the deceased passed away.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 section 118-195