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Edited version of private advice
Authorisation Number: 1051962915087
Date of advice: 22 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.
The property has never been used to produce assessable income.
Since the deceased passed away, the sensitivity of your personal circumstances means that you will not be able to dispose of the property within the two-year period.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195