Private ruling: Capital gains tax - deceased estate - two year discretion
Date of advice: 23 October 2018
Published: December 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 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 legislative provisions: Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 subsection 118-130(3) | Income Tax Assessment Act 1997 section 118-195 | Income Tax Assessment Act 1997 subsection 118-195(1)


Relevant facts: The deceased acquired a dwelling (The dwelling) | The deceased passed away (The deceased) | The dwelling was the deceased’s main residence. | The executor appointed under the will of the deceased was challenged by the sibling’s and beneficiary of the estate. | The Court appointed a new Trustee to undertake an administration which gave the trustee limited authority. | The Court appointed the Trustee full authorisation to administer the estate in 20XX. | The Trustee experienced some delays in locating the title deed to the dwelling. | The title deeds were located after a period of time and the dwelling was prepared for sale. | A contract for the sale of the dwelling was entered into in 20XX. Settlement took place a short time later in 20XX.