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Edited version of private advice
Authorisation Number: 1051893824315
Date of advice: 3 September 2021
Ruling
Subject: Commissioner's discretion to allow more time to dispose of a dwelling
Question
Will the Commissioner allow an extension of time until XX/XX/20XX 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 66057' 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
Immediately after the deceased passed away, a challenge of the will occurred between the beneficiaries.
The legal dispute took some time to resolve with Letters of Administration not being granted until XX/XX/20XX.
The deceased's main residence was auctioned shortly afterwards on XX/XX/20XX with settlement taking place on XX/XX/20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 118-195(1)