Private ruling: Capital Gains Tax for a deceased estate
Date of advice: 4 February 2020
Published: March 2020
Ruling period: Year ending June 2020
Date scheme commenced: 1 July 2019

Ruling: Q1: Will the Commissioner allow an extension of time to XX/XX/2019 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 owned a property which they used as their main residence until their death. The property was the main residence of the deceased, the property was never rented out and it did not produce any assessable income. The Will was contested and final probate was granted on xx/xx/xxxx, approximately two years after the death of the deceased. A contract of sale was entered into on xx/xx/xxxx and settlement occurred on xx/xx/xxxx. Settlement occurred less than six months after probate was granted.

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