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Edited version of private advice
Authorisation Number: 1051656252339
Date of advice: 11 May 2020
Ruling
Subject: Commissioner's discretion
Question
Will the Commissioner allow an extension of time to XX/XX/XXXX for you to dispose of your ownership interest in the dwelling and disregard the capital gain you make on the disposal?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased acquired the property prior to 20 September 1985 and it was their main residence until their death on XX/XX/XXXX.
No income has been produced by the property.
Under the deceased's Will, their children were named as trustees and beneficiaries.
Under the terms of the Will, the beneficiaries were granted the right to purchase the property at a price agreed upon by the beneficiaries.
There was a dispute between family members which resulted in a significant delay in obtaining probate.
Probate was granted on XX/XX/XXXX.
One of the beneficiaries advised that they wished to purchase the other beneficiaries' share of the property. A deed of family arrangement was entered into on XX/XX/XXXX.
Settlement occurred on XX/XX/XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195