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Edited version of private advice
Authorisation Number: 1051765469764
Date of advice: 9 October 2020
Ruling
Subject: Commissioner's discretion - deceased estate
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 passed away on XX/XX/XXXX. At the time of their death they were the joint owner of the Property. The Property was the deceased's main residence and was not used to produce assessable income.
The deceased's spouse was granted a life interest in the Property and resided there until their death on XX/XX/XXXX.
After the death of the deceased's spouse, there was a dispute between the executors of each estate. The dispute was eventually resolved and the house was sold on XX/XX/XXXX with settlement occurring on XX/XX/XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195