Private ruling: Extension of time for a Deceased Estate.
Date of advice: 10 October 2018
Published: December 2018
Ruling period: Financial year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to 30 June 20XX for you to dispose of your ownership interest in the dwelling and disregard the capital gain or loss you make on the disposal? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow the extension of time. Further information about this discretion can be found by searching 'QC 52250' on ato.gov.au

Relevant facts and circumstances: Deceased A purchased a property prior to 20 September 1985, which remained their main residence until their death. Upon the passing of Deceased A, his/her Will left a life interest in the property to his/her partner, Deceased B. Deceased B resided in the property their main residence until his/her death in 20XX. With the passing of Deceased B, the Executor of the Estate of Deceased A was able to proceed with finalisation of the administration of Deceased A’s Estate, and in accordance with the Will the property was transferred into the names of the beneficiaries of the Estate in mth/20XX. You are a beneficiary of the Estate. In 20XX you sold your share of the property to another beneficiary. No assessable income has been derived from the property.

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