Private ruling: CGT - deceased estate - 2-year discretion
Date of advice: 26 October 2022
Published: 9 January 2023
Ruling period: The year ended 30 June YYYY
Date scheme commenced: 1 July YYYY

Ruling: Q1: Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the dwelling (the property) and disregard the capital gain or loss you made 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 ato.gov.au for 'QC 66057'.

Relevant facts and circumstances: The deceased passed away on DD MM YYYY. The deceased acquired the property before 20 September 1985. The property was the main residence of the deceased throughout their ownership period. The property was situated on less than 2 hectares of land. The complexity of the deceased estate delayed the completion of the administration of the estate.

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