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Edited version of private advice
Authorisation Number: 1051885277535
Date of advice: 11 August 2021
Ruling
Subject: Commissioner's discretion to allow more time to dispose of a dwelling
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:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away on xx.
The property was the deceased main residence at all times up until date of death.
The Will outlined A and B as executors of the estate.
A lodged an application for probate to the Supreme Court due to B not willing to engage.
On x executor A was granted probate.
Challenges of the Will commenced on x.
Challenges of the ownership of the dwelling commenced x.
On x a Summons was filed by the Estate in the Supreme Court seeking leave to file a warrant to recover possession of the property; which was granted.
On x a State of Emergency was declared in Australia and stay at home orders declared in response to global pandemic COVID-19.
On x the Property was listed for sale and settlement occurred on x.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)