Private ruling: Income Tax - Capital Gains Tax - Deceased Estate
Date of advice: 13 December 2019
Published: February 2020
Ruling period: Year ending June 2019 | Year ending June 2020
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to XX 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 owned a property which they used as their main residence until their death. The deceased had a foreign Will which delayed probate. The XYZ probate office required additional legal advice to confirm that foreign Will was genuine. The Will required an Australian lawyer who understood the foreign law to confirm the will was genuine. The executor experienced difficulty in managing the complex process of administering the estate due to working overseas until they returned to Australia permanently. Probate was granted on xx/xx/xxxx. Property was sold on xx/xx/xxxx Property was settled on xx/xx/xxxx.

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