Private ruling: CGT - property
Date of advice: 12 August 2022
Published: November 2022
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner exercise the discretion to allow an extension of time for you to dispose of your ownership interest in the property and disregard the capital gain or capital loss 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 ato.gov.au for 'QC 66057'.

Relevant facts and circumstances: The deceased bought the property before 1985. The deceased passed away after 1985. The property was situated on less than 2 hectares of land. You spent several months at the start of the 2 year-period managing a complaint regarding the deceased's care just before their death. You spent a large portion of the 2 year period making many trips to the property to clean up, clear belongings and sell items. The property contained a large volume of items located in the house and numerous large sheds. After the house was prepared for sale, you engaged several real estate agents to come to the property to give a property appraisal. You suffered a health concern while working at the property. At this time, you were considering going to auction with a 6 week marketing campaign. This was postponed due to your inability to help with the preparations. You spent some time in hospital and received home care. After the home care ended, you entered into a contract to sell the property with settlement occurring less than 7 months after the end of the 2 year period.

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