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Edited version of private advice
Authorisation Number: 1051958173895
Date of advice: 17 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 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:
Year ending 30 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
The deceased passed away between xx and xx/xx/xxxx.
The deceased did not leave a will.
The deceased acquired the property, as tenant in common in equal shares with person A, after 20 September 1985.
The property was the main residence of the deceased throughout their ownership period.
The property has never been used to produce assessable income.
Letters of administration were granted to the administrator on xx/xx/xxxx.
The beneficial ownership of the property was the subject of a dispute between the deceased and person A with proceedings being commenced on xx/xx/xxxx. Following the passing of the deceased, the administrator took steps to resolve the dispute so that the property could be sold. A deed of settlement between the parties was executed on xx/xx/xxxx.
The property was listed for sale soon after the legal proceedings were finalised. The administrator entered into a contract to sell the property on xx/xx/xxxx with settlement occurring on xx/xx/xxxx.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)