EV 1051964468930currentnon-binding advice

Capital gains tax - 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. This ruling applies for the following period : The year ending 30 June YYYY The scheme commences on: DD/MM/YYYY

3

The deceased passed away on DD/MM/YYYY. The deceased acquired the property before 20 September 1985. The property was the main residence of the deceased throughout their ownership period. Different factors outside of your control initially delayed the granting of probate until DD/MM/YYYY and subsequently delayed the listing of the property for a time. Settlement occurred approximately one month after the expiration of the two-year period.

4

Income Tax Assessment Act 1997 section 118-195