Private ruling: Capital gains tax- deceased estate commissioners two year discretion
Date of advice: 24 October 2019
Published: January 2020
Ruling period: Year ending 30 June 2018
Date scheme commenced: 1 July 2017

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 purchased the property in 19XX. The deceased passed away in 20XX. At the time of their death the deceased owned a residential property as their main residence. The property was never used for income producing purposes. The property title was transferred to the legal personal representative who subsequently sold the more than two years after the deceased death. The property sale was delayed due to the legal personal representative and beneficiary suffering grief caused by the sudden loss of their parent and their psychological and emotional condition in addition to a decrease property demand in the area.

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