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Edited version of private advice
Authorisation Number: 1051950647258
Date of advice: 15 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:
30 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
The deceased passed away on xx/xx/20xx.
The dwelling was the primary residence of the deceased and was never used for income producing purposes.
The land adjacent to the dwelling was less than two hectares in size.
Both a factor beyond the executors' control and particular sensitivities concerning the surviving relatives of the deceased contributed to a delay in the sale of the dwelling.
The dwelling was listed for sale on xx/xx/20xx.
A contract for sale was signed on xx/xx/20xx.
Settlement on the sale of the dwelling occurred on xx/xx/20xx, approximately x months after the expiry of the two-year period.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)