| 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: 1051961007564
Date of advice: 14 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.
The property has never been used to produce assessable income.
After the passing of the deceased, person A resided in the property under a right to reside contained in the Will of the deceased.
On XX/ XX/XXXX, person A relinquished their right to reside in the property.
The property was listed for sale on XX/ XX/XXXX. A contract to sell the property was signed on XX/ XX/XXXX with settlement occurring on XX/ XX/XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)