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Edited version of private advice
Authorisation Number: 1051924489919
Date of advice: 24 November 2021
Ruling
Subject: Commissioner's discretion - inherited 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 periods:
Year ended 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased was bequeathed a property in a will.
The deceased lived in the property with their spouse until they died in XXXX.
The deceased's will contained a clause stating that the spouse had a right to occupy the property during their lifetime.
The spouse lived in the property until they died.
The Executors made arrangements to sell the property with settlement taking place a few months after the spouse's death.
The property had not been used for the purpose of producing assessable income.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)