Private ruling: Capital gains tax
Date of advice: 22 November 2018
Published: February 2019
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20XX | Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time 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.

Relevant facts and circumstances: The deceased passed away in 20XX. The property was the deceased’s main residence. Due to deteriorating health, the deceased moved out of the property to live with family. The property was tenanted. Probate was granted six months after the passing of the deceased. The certificate of title was transferred to the beneficiaries five months after probate was granted. Due to unforeseen circumstances sale of the property was delayed. Property was sold and settlement took place more than two years after the passing of the deceased.

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