Private ruling: CGT - deceased estate
Date of advice: 31 May 2022
Published: August 2022
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner exercise his discretion under section 118-195 of the Income Tax Assessment Act 1997 to extend the two-year period to dispose of the dwelling? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner will extend the two-year period to dispose of the dwelling to the settlement date. Further information about this discretion can be found by searching 'QC 66057' on ato.gov.au

Relevant facts and circumstances: The deceased died a number of years ago. The property was inherited from their spouse before 20 September 1985. The property was the deceased's main residence just before they died. The deceased's Will gave their child the right to reside in the property for their life time. On termination of the right to reside the property formed part of the residue of the estate. The chid relinquished their right to reside in the property when they went into an aged care facility. The property was listed for sale a few months later. The sale contract was signed a few weeks later and settlement was in the following month. The property was less than 2 hectares.

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