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Edited version of private advice
Authorisation Number: 1051935420615
Date of advice: 13 January 2022
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 period:
Year ending 1 June 20xx
Year ending 1 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
The Deceased owned a property which was their main residence and was not used for income producing purposes.
The deceased passed away on xx/xx/xxxx
The deceased last will and testament nominated A and B as the joint executors of their estate.
B was estranged from the family for an extended period and as a result of a relationship breakdown.
Lawyers were engaged by A to assist in the administration of the estate and best course of action due to the relationship issues present with the executors.
More than two years was spent addressing the complexity of the deceased estate and the property was listed and sold as soon as practically possible.
On xx/xx/xxxx, the property sold with settlement occurring on xx/xx/xxxx.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)