Private ruling: Capital gains tax
Date of advice: 12 October 2018
Published: December 2018
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time 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 an extension of time. Further information about this discretion can be found by searching 'QC 52250' on ato.gov.au

Relevant facts and circumstances: The deceased passed away. The deceased acquired a dwelling and was the sole proprietor of the property. The property was used as the main residence of the deceased until death and was never rented. No assessable income has been derived from the property. Executor of the will was appointed and probate was granted. Due to unforeseen circumstances sale of the property was delayed. Property was sold and settlement took place.

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