Private ruling: Capital gains tax - deceased estate - two year discretion
Date of advice: 26 October 2018
Published: January 2019
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 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 | Income Tax Assessment Act 1997 subsection 118-195(1)


Relevant facts: The deceased acquired a dwelling (The dwelling). | The deceased passed away in 2015 (The deceased). | The dwelling was the deceased’s main residence. | The title was transferred to the beneficiaries in 2016. | The dwelling required some repairs prior to sale. | The executor was residing at the dwelling and undertook various tasks in preparing the dwelling for sale. | The executor developed a medical condition which restricted their ability to carry out these tasks as quickly as they would have anticipated. | The dwelling was placed on the market for sale. | A contract for sale was entered into in 2017. | Settlement occurred in 2018.