Private ruling: Deceased estate - extension of time
Date of advice: 25 February 2021
Published: April 2021
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to DD/MM/YYYY for you to dispose of your ownership interest in the dwelling and disregard the capital gain 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 'QC 52250' on ato.gov.au

Relevant facts and circumstances: The deceased and spouse purchased the property as joint tenants pre capital gains tax (CGT). The deceased passed away and the property was the deceased's main residence prior to passing. Letters of administration were granted to the trustees. The trustees engaged a real estate to sell the property on the ## May 20##. The property was sold with settlement occurring on ## August 20##. The property was never used to produce assessable income. No capital improvements have been made on the property.

Relevant legislative provisions: Income Tax Assessment Act 1 997 subsection 118-195(1)