Private ruling: Capital gains tax - deceased estate
Date of advice: 25 March 2022
Published: June 2022
Ruling period: The year ending 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 (the property) and disregard the capital gain or loss you made on the disposal? | A1: Yes. Having considered your circumstances and the relevant factors the Commissioner will allow an extension of time.

Relevant facts and circumstances: The deceased passed away on DD/MM/YYYY. The deceased acquired the property before 20 September 1985. The property was the main residence of the deceased throughout their ownership period. Different factors outside of your control initially delayed the granting of probate until DD/MM/YYYY and subsequently delayed the listing of the property for a time. Settlement occurred approximately one month after the expiration of the two-year period.

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