Private ruling: CGT - Deceased Estate
Date of advice: 16 March 2020
Published: April 2020
Ruling period: Year ended 30 June 2020
Date scheme commenced: 1 July 2017

Ruling: Q1: Will the Commissioner allow an extension of time to Date 20XX 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: The deceased died on in late 20XX. The residential property was purchased by the deceased on an unknown date well before the introduction of Capital Gains Tax (CGT) in Australia. The property was used as the main residence of the deceased until the death of the deceased and has not been rented at any time. The Will was contested and the matter was dealt with in the Supreme Court which issued a Terms of Settlement in mid-20YY. This legal action delayed the listing of this property for sale unavoidably. The estate then listed the property for sale and settlement occurred recently.

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