Private ruling: Deceased estate and the capital gains tax (CGT) main residence exemption
Date of advice: 23 February 2019
Published: May 2019
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time for the Estate to dispose of its ownership interest in the dwelling and disregard the capital gain made 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 and their spouse purchased the Property on a date before 19 September 1985. The Deceased owned the Property in its entirety after inheriting their spouse’s ownership interest prior to 19 September 1985. The Deceased passed on 20XX. The Deceased owned properties in multiple countries. Tax affairs needed to be settled in multiple countries for the Deceased in order for the Deceased’s estate to be administered. The property was sold and settled on 20XX.

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