Private ruling: Capital gains tax - extension of time
Date of advice: 14 January 2021
Published: March 2021
Ruling period: Year ended 30 June 20XX | Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time 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 on xx xxx xxxx. The deceased owned property. The property was the deceased's main residence at time of death. The property was less than two hectares. The dwelling was not used for income producing purposes. The dwelling was sold by the estate more than two years after the death of the deceased. There were a few factors, all of which were outside the control of the administrator of the estate, that contributed to the delay. The cause of most of the delay was a dispute between the beneficiaries which prevented the administrator from being able to sell the property.

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