| 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: 1052251611497
Date of advice: 5 June 2024
Ruling
Subject: Commissioners discretion - 2-year disposal
Question
Will the Commissioner exercise the discretion under section 118-195 of the Income Tax Assessment Act 1997 (ITAA 1997) to allow an extension of time for you to dispose of your ownership interest in the dwelling and disregard the capital gain or capital 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 private ruling applies for the following period:
Year ended X June 20XX.
The scheme commenced on:
X July 20XX.
Relevant facts and circumstances
The deceased passed away in 20XX.
The deceased resided at the property with their spouse.
The property is situated on less than 2 hectares of land.
The deceased purchased the property in 19XX and was the main residence of the deceased and the deceased's spouse.
The deceased had 100% ownership interest in the property.
As at the time of the deceased's death, their Will gave their spouse a lifetime right to occupy.
Upon their death, the deceased's spouse remained residing in the property, and maintained expenses associated with same.
The Property was never used to produce assessable income.
The deceased's spouse passed away in April 20XX.
The Property was sold in July 20XX and formally settled in September 20XX.
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).
