Private ruling: Income tax - capital gains tax - extension of time
Date of advice: 12 March 2020
Published: April 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 XX/XX/XXXX 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: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. The deceased acquired the dwelling on XX/XX/XXXX and resided there as their main residence until they were admitted to an aged care facility in 20XX. The deceased passed away on XX/XX/XXXX and probate was granted on XX/XX/XXXX. The deceased's property personal belongings were still held in the dwelling and the process of distributing these items to family members took several months. The dwelling required repairs and maintenance works before the dwelling could be sold. As the trustees had to engage and manage a number of different tradespeople to complete the works, there were further delays. The trustees sold the property on XX/XX/XXXX.

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