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Edited version of private advice
Authorisation Number: 1051956816600
Date of advice: 3 March 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 (the property) 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 ato.gov.au for 'QC 66057'.
This ruling applies for the following period:
The year ended 30 June YYYY
The scheme commences on:
18 October 20XX
Relevant facts and circumstances
The deceased passed away on DD/MM/YYYY.
The deceased acquired the property before 20 September 1985.
The property was the main residence of the deceased throughout their ownership period.
The property was inherited by the deceased's three children as beneficiaries.
The sensitivity of circumstances of the surviving beneficiaries contributed to the delay in the disposal of the ownership interests in the property.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195