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Edited version of private advice
Authorisation Number: 1051961290963
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 ended 30 June YYYY
The scheme commences on:
DD/MM/YYYY
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 a large rural property but less than 2 hectares in size. The deceased ran their farming business on other properties. The property held a lot of large, difficult to move items (the items) at the time of the deceased's death. It took an extended period of time for all of the items to be removed from the property.
You experienced difficulty finding a purchaser who did not request that the contract for sale of the property be conditional for an indefinite period, pending development approval.
Settlement of a contract for sale of the property fell through for reasons outside your control.
COVID-19 restrictions also impacted your ability to dispose of the property within the two-year period.
Settlement occurred on DD/YY/YYYY.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195