Private ruling: Capital gains tax - main residence exemption - deceased estate
Date of advice: 12 November 2020
Published: January 2021
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 the Commissioner's discretion can be found by searching 'QC 52250' on ato.gov.au

Relevant facts and circumstances: The deceased passed away in XXXX. The deceased used the property as their main residence for their entire ownership period and never used it to produce income. You inherited an ownership interest in the property from the deceased. Circumstances outside of your control prevented you from selling the property until more than 2 years after the death of the deceased.



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