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Edited version of private advice
Authorisation Number: 1051878285994
Date of advice: 3 August 2021
Ruling
Subject: Deceased estate two year discretion
Question
Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the dwelling 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 'QC 52250' on ato.gov.au
This ruling applies for the following period:
30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances:
The deceased purchased a property at xxx.
The deceased passed intestate.
The property was the deceased main residence up until date of death.
The ownership of the property was challenged by x; this matter proceeded through the courts which took x years to reach an outcome.
X was appointed by the court as Executor of the estate on x.
The property sat vacant from date of death to settlement of the property.
The property sold with settlement occurring on x.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)