Private ruling: Capital gains deceased estate
Date of advice: 31 January 2020
Published: March 2020
Ruling period: The Year Ending 30 June 2020
Date scheme commenced: X December 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to X December 20XX 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 passed away on X 20XX The deceased acquired the property after the 20 September 1985 An issue with how the deceased's will was executed, caused part of the will to be deemed invalid. Consequently, the executors were required to make an application to the NSW Supreme Court to validate the whole will. Grant of Probate was not obtained until XX August 20XX. The property is situated at X. The property was listed for sale in 20XX. The contracts for the sale of the property were exchanged on the X December 20XX with settlement taking place on the X December 20XX. The property is less than 2 hectares in size

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