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Edited version of private advice
Authorisation Number: 1051914920016
Date of advice: 4 November 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:
1 July 20xx
The scheme commences on:
1 June 20xx
Relevant facts and circumstances
The Deceased passed away on xx/xx/xxxx.
The property was the deceased's main residence prior to the death and was not used for income producing purposes.
The deceased left a will appointing two executors of the estate.
In the will the deceased provided A the right to occupy the property for xx months after the date of death but no longer, unless all the beneficiaries of the estate agreed unanimously to grant a longer period.
Probate was granted to the executors on xx/xx/xxxx.
The right to occupy for A expired on xx/xx/xxxx. All beneficiaries did not agree on extending the time to any further date beyond the expiry.
Court action was required to be taken to have the property vacated.
On xx/xx/xxxx, the property was finally vacated.
The executors of the estate commenced clearing and preparing the property to have it listed for sale.
They engaged a real estate agent and the property was listed for sale on xx/xx/xxxx.
The property was sold with settlement occurring xx/xx/xxxx.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)