Private ruling: Deceased estate - extension of time
Date of advice: 26 October 2020
Published: December 2020
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20XX | Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to DD/MM/YYYY for you to dispose of your ownership interest in the dwelling and adjacent land and disregard the capital gain you made on the disposal? | A1: Yes. Having considered your circumstances and the relevant factors the Commissioner will allow an extension of time. Further information about the Commissioner's discretion can be found by searching 'QC 52250' on ato.gov.au

Relevant facts and circumstances: The deceased purchased a property after 20 September 1985 with their spouse (your step parent) and used it as their main residence throughout their ownership period. You and your sibling inherited your parent's ownership interest in the dwelling when they passed away. Your step parent continued to live in the dwelling before they moved into a nursing home. Your step parent passed away and left their ownership interest in the dwelling to their children. The property has not been used for income producing purposes. The property was sold with settlement occurring more than two years, but less than three years, after your parent passed away.

Relevant legislative provisions: I ncome Tax Assessment Act 1 997 subsection 118-195(1)