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Edited version of private advice
Authorisation Number: 1051958964449
Date of advice: 10 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 on xx/xx/xxxx.
The deceased acquired the property 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.
Probate was granted on xx/xx/xxxx.
The circumstances surrounding the passing of the deceased and subsequent legal proceedings caused sensitivities amongst the surviving relatives of the deceased which led to a delay in the sale of the property.
A contract of sale was entered into on xx/xx/xxxx and settlement occurred on xx/xx/xxxx.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1).