| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051948801062
Date of advice: 10 February 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 30 June 20YY
The scheme commences on:
1 July 20YY
Relevant facts and circumstances
The deceased passed away on DD/MM/19YY.
The deceased acquired the dwelling prior to 20 September 1985.
The dwelling was the deceased's main residence.
The land adjacent to the dwelling was less than 2 hectares in area.
The deceased's Will gave their spouse the right to reside in the dwelling.
The deceased's spouse signed a document on DD/MM/20YY relinquishing their right to reside in the dwelling due to their decision to move elsewhere.
The beneficiaries made the decision to sell the dwelling on DD/MM/20YY.
The dwelling was listed for sale on DD/MM/20YY.
The contract for sale of the dwelling was signed on DD/MM/20YY.
Settlement of the sale of the dwelling occurred on DD/MM/20YY.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)