Private ruling: CGT Deceased Estate
Date of advice: 18 June 2019
Published: August 2019
Ruling period: Year ending 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Will the Commissioner allow an extension of time to the specific date 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 discretion can be found by searching "QC 52250" on ato.gov.au .

Relevant facts and circumstances: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. The deceased died some years ago, intestate. The property was purchased by the deceased after the introduction of capital gains tax. The deceased's child resided at the property from before the death of the owner until their own death. The child was the sole beneficiary of their parent's estate. Other relatives made claims against the estate which delayed the sale of the property. Once these claims were settled the property was sold. After settlement of these competing legal claims, a sale of the property was then organised. Settlement then took place within a year of the finalisation of these competing claims which acted as impediments to the sale.

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