Private ruling: Capital gains tax
Date of advice: 16 December 2019
Published: February 2020
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to mid 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: Your parent (The deceased) acquired the property late 20XX for $XXX,XXX. It was their main residence and remained so until their death in mid 20XX. There were delays in selling the property due to complexities of the estate, complexities in the administration process and circumstances outside the control of the beneficiaries. You accepted the first offer to purchase the house and sale was settled on mid 20XX. This was more than 2 years post the deceased's death.

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