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Edited version of private advice
Authorisation Number: 1051928598540
Date of advice: 1 December 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 periods:
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away on xx/xx/xxxx.
The deceased owned a property which was their main residence and wasn't used for income producing purposes.
The property was less than 2 hectares.
Probate was granted on xx/xx/xxxx.
The property was subject to a caveat with the certificate of title held as security on the property.
Release of title was requested on xx/xx/xxxx.
Time was spend administering the estate prior to selling the property.
Title was lost therefore application for a new titled in the name of the Estate was lodged and received on xx/xx/xxxx.
Agent was engaged and property was prepared for sale on xx/xx/xxxx. It was identified the property had ownership of a laneway behind the property therefore needed to be included in the sale.
Replacement certificate was lodged and received on xx/xx/xxxx.
Property sold and settlement occurred xx/xx/xxxx.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)