| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1052005365955
Date of advice: 27 July 2022
Ruling
Subject: Commissioner's discretion - deceased estate
Question
Will the Commissioner allow an extension of time for the executor of the deceased estate to dispose of their ownership interest in the dwelling (the property) 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.au for 'QC 66057'.
This ruling applies for the following period:
The year ended 30 June XXXX
The scheme commences on:
DD/MM/YYYY
Relevant facts and circumstances
The deceased passed away on DD/MM/YYYY.
The deceased acquired property before 20 September 1985.
The property was the main residence of the deceased throughout their ownership period.
The property was not used to produce assessable income at the time of the deceased's death.
The deceased's child is the sole beneficiary and executor for the estate.
It took time to sort through the deceased's possessions and dispose of the unwanted items.
Repairs were needed to a fixture on the property, and this took time.
The executor and their spouse suffered injuries, leading to further delays due to lengthy recovery processes.
In attending to the issues involving the property and placing the property on the market, there were further delays due to restrictions and lockdowns in your State during COVID-19.
The dwelling remained vacant after the deceased's date of death.
The property was put on the market with the sale and then settlement occurring shortly afterwards.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
