Private ruling: Capital gains tax - deceased estate - two-year discretion
Date of advice: 8 October 2020
Published: November 2020
Ruling period: Year ended 30 June 20XX
Date scheme commenced: XX XXXX 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to XX XXXX 20XX 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: Individual A passed away on XX XXXX 20XX. Individual A had a property (the Property), which was their main residence. The Property has been vacant since Individual A's death, and no income has been generated from the Property. Individual A's Will was challenged by Individual B. This claim was resolved, and the will was amended, as of XX XXXX 20XX. Once this order was given the Property needed to be emptied and prepared for sale. The Property was auctioned on XX XXXX 20XX, and the sale was settled on XX XXXX 20XX.

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