Private ruling: Capital gains tax - deceased estate
Date of advice: 6 October 2020
Published: November 2020
Ruling period: Year ended 30 June 2018
Date scheme commenced: 1 July 2017

Ruling: Q1: Will the Commissioner allow an extension of time 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 DD/MM/YYYY. The property was acquired by the deceased in YYYY. The deceased used the property as their main residence for the entire ownership period. The property was never used for income producing purposes. The deceased died intestate and a Family provision claim was lodged. Letters of administration were granted on DD/MM/YYYY to Person A and Person B. The property required repairs before placing it on the market. A contract was signed and settlement of the property occurred on XX XXX XXXX.

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