Private ruling: Capital gains tax
Date of advice: 14 November 2019
Published: February 2020
Ruling period: Year ended 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Will the Commissioner allow an extension of time to XXXX 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: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. You are a resident of Australia for income tax purposes. Your relative passed away. You inherited an overseas property. The land which the property stands is owned by another company. The property was your relative's main residence the entire ownership period. After your relative died the property was left vacant. Probate was granted on XXXX. The ownership transfer of the property was granted on the XXXX however was not completed until XXXX. The property was originally constructed in XXXX using a portion of vacant land from an adjoining property owned by your relative's family. As the required conveyance process was not completed within 6 months of the completed construction of the property, a complex legal proceeding begun. A law change approved by the overseas Government in XXXXX allowed for long standing incomplete conveyances to be allowed as "Deemed conveyance". After this law change conditional approval to sell the property on the XXXX. It was a requirement by the land owner that the purchaser of the property is of a certain religion and has been for at least 10 years in accordance with the provisions of the rules, regulations and by-laws. The sale of the property was granted with no objection on the XXXX. The sale of the property was finalised XXXX.

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