Private ruling: Capital gains tax - deceased estate - 2 year discretion
Date of advice: 9 May 2019
Published: June 2019
Ruling period: Year ended 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 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 in 20XX (The deceased) | The dwelling was the deceased's main residence. | The dwelling has also been occupied by the deceased's child ('A') since acquisition. | 'A' suffers from a medical condition. | Probate was granted in late 20XX. | The executor's agreed to allow 'A' to continue to reside in the dwelling whilst the dwelling was prepared for sale as 'A' was not granted a right to reside in the dwelling under the will of the deceased. | 'A' did not adjust well to the passing of the deceased and was reluctant to move. | 'A' would at times refuse to allow trades people and family member's entry to the dwelling. This cause delays in preparing the dwelling for sale. | The dwelling was prepared for sale and placed on the market in 20XX. | The dwelling was sold shortly after it was placed on the market. | Settlement occurred in 20XX.