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Edited version of private advice
Authorisation Number: 1051912993904
Date of advice: 25 October 2021
Ruling
Subject: Commissioner's discretion - deceased estate
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 66057' on ato.gov.au
This ruling applies for the following period:
Year ending 30 June 20xx
The scheme commences on:
1 July 2020
Relevant facts and circumstances
Following the passing of the deceased, the will was challenged by one of the beneficiaries for a larger share which delayed the disposal of the deceased's main residence.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)