Private ruling: Deceased estate - extension of time
Date of advice: 10 November 2020
Published: January 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 adjacent land 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 passed away. The deceased owned a property which they had purchased before 20 September 1985, that is, pre capital gains tax (CGT), and the property was used to produce assessable income, with it being tenanted. The property was sold by the deceased estate with settlement taking place a few months after the two year period to dispose of a deceased's dwelling had expired. A number of factors contributed to the delay in the sale of the property including a challenge to the will which took a number of months to resolve.

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