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Edited version of private advice
Authorisation Number: 1051961159349
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 (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 ending DD/MM/YYYY
The scheme commences on:
DD/MM/YYYY
Relevant facts and circumstances
The deceased passed away on DD/MM/YYYY.
The property was the main residence of the deceased at the time of their death and was not being used to produce assessable income.
The property is situated on less than 2 hectares of land.
Circumstances outside of the executors' control resulted in a delay in the sale of the property.
Settlement on the sale of the property took place within a couple of weeks of the expiration of the two-year period.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195