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Edited version of private advice
Authorisation Number: 1052002846944
Date of advice: 5 July 2022
Ruling
Subject: Commissioner's discretion - deceased estate
Question
Will the Commissioner exercise the discretion to allow an extension of time for you to dispose of your ownership interest in the dwelling and disregard the capital gain or loss you made on the disposal?
Answer
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.aufor 'QC 66057'.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commenced on:
1 July 20XX
Relevant facts and circumstances
At some time before 1985, the deceased bought the dwelling with their spouse as joint tenants. It was the deceased's main residence until they passed away and was never rented.
The property size is less than 2 hectares.
At some time after 1985, the deceased passed away. The Executor lived in the dwelling as their main residence before the deceased death and continued doing so for a further two years as permitted by the deceased's will.
The Executor agreed to an extended settlement period at the request of the buyer of the dwelling. At that time, the Executor did not realise the settlement date would occur just days outside of the two year period.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-195
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