Private ruling: Capital gains tax and deceased estates
Date of advice: 17 October 2019
Published: February 2020
Ruling period: The year ending 30 June 2019.
Date scheme commenced: 1 July 2018

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 legislative provisions: Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 subsection 118-130(3) | Income Tax Assessment Act 1997 section 118-195


Relevant facts: The deceased passed away in 20xx. | The dwelling was the deceased's main residence. | Probate was granted in 20xx. | The residence was listed for sale in 20xx. | An offer of sale was received and accepted in 20xx subject to finance. | The finance offer was rejected and the sale fell through. | The sale price for the residence was reduced in 20xx. | As no interest was registered, the Trustees decided to place the main residence for rental whilst concurrently having the property available for private sale. | The property was sold in 20xx. | Settlement occurred in 20xx. | Further delays were experienced when the Tax agent passed away suddenly in 20xx.