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Edited version of private advice
Authorisation Number: 1051921975707
Date of advice: 19 November 2021
Ruling
Subject: The Commissioner's discretion - deceased estate - 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 66057' on ato.gov.au
This ruling applies for the following period:
Year ended 30 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
The deceased passed away on xx/xx/xxxx.
The deceased left a will that provided to B a right to occupy the deceased's main residence for B's lifetime.
It also stipulated that the executor was to employ a carer for B. The executor employed C as a live-in carer.
B and C resided at the property until B passed away on xx/xx/xxxx.
C was not able to vacate the property at that time due to COVID-19 lockdown restrictions which hampered their efforts to find alternative accommodation.
Also at that time due to the pandemic the government placed restrictions on occupants being evicted from premises.
C vacated the property on xx/xx/xxxx after the restrictions were eased.
The property was inspected by real estate agents in xx/xxxx.
A sale contract was signed on xx/xx/xxxx that stipulated a settlement date of xx/xx/xxxx.
Settlement has taken place.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)
Income Tax Assessment Act 1997 subsection 118-145(1)