Private ruling: Capital gains tax – dwelling acquired from a deceased estate – extension of time
Date of advice: 17 August 2018
Published: October 2018
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 (the property) 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 an extension of time.

Relevant facts and circumstances: The deceased purchased the property before 20 September 1985 jointly with their spouse. The deceased later acquired 100% ownership in the property as a result of a Relevant Court order. The deceased’s Will bequeathed the property to you. The Will was contested and this led to lengthy legal proceedings which took several years to conclude. These proceedings prevented the executors from transferring the property to you. The property was eventually transferred to you and placed on the market for sale soon after. The property was sold and settlement occurred in 20XX.

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