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Edited version of private advice
Authorisation Number: 1051962722240
Date of advice: 28 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 'QC 66057' on ato.gov.au
This ruling applies for the following period:
Year ended 30 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
The deceased passed away on xx/xx/20xx
The deceased acquired the dwelling after 20 September 1985.
The dwelling was the main residence of the deceased and not used to produce assessable income.
The land adjacent to the dwelling is less than two hectares in area.
Legal proceedings taken against the estate resulted in a delay in the sale of the dwelling.
The legal proceedings were finalised on xx/xx/20xx with a settlement agreement being reached.
A contract for sale was signed on xx/xx/20xx and went unconditional on xx/xx/20xx.
Settlement occurred on xx/xx/20xx.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)