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Edited version of private advice
Authorisation Number: 1051964241364
Date of advice: 4 April 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 acquired the dwelling after 20 September 1985.
The land adjacent to the dwelling is less than two hectares in area.
The deceased moved into a nursing home on xx/xx/20xx.
The deceased passed away on xx/xx/20xx.
Probate was granted on xx/xx/20xx.
The dwelling was the deceased's main residence and they continued to treat it as their main residence during the period they were residing in the nursing home until their passing.
Circumstances outside of your control contributed to a delay in the property being able to be sold.
A real estate agent was engaged on xx/xx/20xx and the dwelling was listed for sale two days later.
A contract of sale was signed on xx/xx/20xx.
Settlement occurred on xx/xx/20xx, being approximately a month after the expiry of the two-year period.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-145(1)
Income Tax Assessment Act 1997 subsection 118-145(2)
Income Tax Assessment Act 1997 subsection 118-195(1)