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Edited version of private advice
Authorisation Number: 1051939984889
Date of advice: 17 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
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 died at sea and was never located. A declaration of death was made by the supreme court on xx/xx/xxxx.
On xx/xx/xxx Probate was granted to A and B.
Shortly after, a grant of family provision claim was made by the executors in their capacity as parents of deceased. This claim was settled on xx/xx/xxxx.
Further complications arose as one of the beneficiaries of the Will passed away causing delays in the administration of the estate.
The dwelling was listed for sale as soon as practically possible after those circumstances were resolved.
The property sold with settlement occurring xx/xx/xxxx.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)