Private ruling: CGT deceased estates - extension to two-year period
Date of advice: 15 March 2021
Published: May 2021
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20XX | Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the dwelling and disregard the capital gain 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 unexpectedly during the year ended 30 June 20XX. The deceased's main residence was purchased several years before their death. The property was not used to produce assessable income. The deceased's will named you as executor and sole beneficiary. You experienced some issues in locating the deceased's will after their death. You experienced some issues due to your inexperience and lack of knowledge in executing the estate and the emotional turmoil you were experiencing which delayed you getting probate. You engaged a solicitor on X March 20XX to manage the administration of the estate. Probate was granted on X July 20XX. You listed the property for sale and the contract was signed on XX October 20XX. Settlement was delayed due to issues discovered during the building and pest inspection. Settlement was further delayed by the purchaser's requesting an extension. The property settled on during the year ended 30 June 20XX

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