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Edited version of private advice
Authorisation Number: 1051962422270
Date of advice: 21 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 after 20 September 1985.
The property was the main residence of the deceased throughout their ownership period and was less than two hectares in size.
The property was not used to produce assessable income at the time of the deceased's death and was vacant from then until it was sold.
The complexity of the deceased estate and challenges to the will delayed the disposal of the dwelling.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195