| 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: 1052110453140
Date of advice: 21 April 2023
Ruling
Subject: Commissioner's discretion - deceased estate
Question
Will the Commissioner exercise the discretion under section 118-195 of the Income Tax Assessment Act 1997 to allow an extension of time for you to dispose of your property and disregard the capital gain or loss you made on the disposal?
Answer
Yes.
Having considered you 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:
Income year ended 30 June 20XX
The scheme commenced on:
XX/XX/20XX
Relevant facts and circumstances
The deceased passed away on XX/XX/20XX.
The deceased acquired the property before 20 September 1985.
The property was the main residence of the deceased just before they passed away and was not used to produce assessable income at that time.
The property was situated on less than two hectares of land.
Probate was granted on XX/XX/20XX.
The property contained an extremely large item which was very difficult to relocate.
The difficulty in relocating the item resulted in a delay in the sale of the property.
The property settled X months after the expiry of the two-year period.
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).
