Private ruling: Extension of the main residence exemption for a deceased estate
Date of advice: 10 September 2018
Published: November 2018
Ruling period: Year ended 30 June 20xx
Date scheme commenced: 1 July 20xx

Ruling: Q1: Will the Commissioner allow an extension of time to XX XXX XXXX to dispose of the dwelling and disregard any capital gain made on the disposal? | A1: Yes. Having considered the 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 property was purchased prior to 1985. One of the beneficiaries was nominated as the life tenant under the will. You had legal advice that you could not dispose of the residence whilst this beneficiary was still alive. Letters of administration were granted after their death and you were then able to dispose of and transfer their goods and chattels from the said residence. You were able to appoint a real estate agent to sell the residence. An auction was held and the property was eventually sold by private sale.

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