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Edited version of private advice
Authorisation Number: 1051928855360
Date of advice: 13 December 2021
Ruling
Subject:Deceased estate two year discretion
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 inherited a pre-CGT property from their late spouse.
The deceased passed away XX/XX/XXXX.
The property was the deceased's main residence.
The deceased left a will stipulating the right to occupy to their youngest child. The right to occupy allowed the child of the deceased to remain in the property until their youngest child completed their school education.
The youngest child completed high school on XX/XX/XXXX.
The family vacated the property 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)