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Edited version of private advice
Authorisation Number: 1051933893089
Date of advice: 15 December 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 periods:
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The Deceased purchased and owned a pre-CGT property which was the Deceased main residence until date of death.
The property was occupied by the deceased and the deceased child.
Probate was granted on XX/XX/XXXX to A and B.
The executors engaged a real estate agent in early 20XX to have the property prepared for sale.
Circumstances outside the control of the beneficiary caused delays in selling the property.
The dwelling was listed for sale as soon as practically possible after those circumstances were resolved.
The property was sold with settlement occurring XX/XX/XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)