Private ruling: Capital gains tax
Date of advice: 15 September 2025
Published: 17 November 2025
Ruling period: 30 June 20YY
Date scheme commenced: 1 July 20YY

Ruling: Q1: Will the Commissioner exercise the discretion under section 118-195 of the Income Tax Assessment Act 1997 (ITAA 1997) to allow an extension of time for you to dispose of your ownership interest in the dwelling and disregard the capital gain or capital 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 facts and circumstances: The deceased passed away on DDMMYY. The address for the property where the dwelling is located is XXXXXX (the property). The property was purchased by the deceased on DDMMYY. The property was the main residence of the deceased just before they passed away. The property was not used to produce assessable income. The property was left vacant after the deceased death. The property is situated on less than 2 hectares of land. Notice of intended application for Probate for the deceased was submitted to the supreme court on DDMMYY. The Will of the deceased was contested. A caveat was lodged over the deceased will by Individual A lawyers DDMMYY. A new caveat was lodged again on DDMMYY. DDMMYY a summon was filed with the supreme court to remove Individual A's caveat. DDMMYY Individual A agrees to withdraw the caveat. DDMMYY Executors accept Individual A's condition and caveat is removed. DDMMYY Consent orders for the removal of the caveat sealed (granted) by the Supreme Court . DDMMYY Application for Probate re-submitted to the Supreme Court. DDMMYY Probate was granted by the Supreme Court. DDMMYY The property was sold at an auction. The property was settled on DDMMYY.

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