Private ruling: Capital gains tax
Date of advice: 7 April 2020
Published: May 2020
Ruling period: Year ending 30 June 2020
Date scheme commenced: 1 July 2019

Ruling: Q1: Will the Commissioner allow an extension of time to early 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 passed away early 20XX. The property was the main residence of the deceased. Probate was granted to you late 20XX. You spent some time clearing the property for sale and subsequently listed the property for sale in late 20XX. You dropped the price several times as you did not receive any offers for the property due to a downturn in the property market. You received an offer in mid 20XY which you accepted however the sale was not completed. You changed real estate agents in late 20XY. In early 20XZ you received an offer which you accepted and was settled early 20XZ. The property has not been occupied or used to produce any income during the period it has been owned by the estate.

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