Private ruling: CGT - deceased estates
Date of advice: 23 June 2022
Published: October 2022
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time for you to dispose of your ownership interest in 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 in 20XX. The deceased acquired the property after 20 September 1985. The property was the main residence of the deceased throughout their ownership period. The property is less than two hectares in size. The property has never been used to produce assessable income. On 15 March 2020, in response to the emergence of Covid 19, a public health emergency was declared in South Australia under the South Australian Public Health Act 2011 . Serious illnesses being suffered by partners of the executors' delayed administration of the estate. Probate was granted in 20XX. You entered into a contract to sell the property in 20XX with settlement occurring two months later.

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