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Edited version of private advice
Authorisation Number: 1051940231084
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 passed away on xx/xx/xxxx.
More than two years was spent addressing issues with lawyers trying to negotiate removal of a person residing at the property after the deceased passed away. Theses attempts failed which resulted in court hearing and orders to have possession of the house return to the estate of the deceased.
The complexity of the deceased estate has caused delays in the completion of administration of the estate.
As soon as practically possible the house was prepared and listed for sale.
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)