EV 1051958354303currentnon-binding advice

CGT - deceased estate

Non-binding edited private advice. This is an edited version of private advice the ATO gave to a specific taxpayer about their own circumstances. You cannot rely on it — it is not binding and provides no protection for anyone else (see PS LA 2008/4). Use it as a guide to the ATO’s thinking, not as authority.

1

Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the dwelling (the property) and disregard the capital gain or loss you made on the disposal?

2

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'. This ruling applies for the following period : The year ending DD/MM/YYYY The scheme commences on: DD/MM/YYYY

3

The deceased passed away on DD/MM/YYYY. The deceased acquired the property after 20 September 1985. The property was the main residence of the deceased throughout their ownership period. The property has never been used to produce assessable income. After the deceased passed away, the property suffered significant damage and the resulting repairs took an extended period due to the impact of COVID restrictions. This resulted in a delay in the sale of the property. The property was listed for sale soon after the repairs were finalised and shortly afterwards it was sold.

4

Income Tax Assessment Act 1997 section 118-195