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Edited version of private advice
Authorisation Number: 1051965882565
Date of advice: 30 March 2022
Ruling
Subject: The Commissioner's discretion - deceased estate - dwelling
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.
This ruling applies for the following period:
Year ending 30 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
The deceased passed away on xx/xx/xxxx.
The property was the main residence of the deceased throughout their ownership period.
The property has never been used to produce assessable income.
Probate was granted on xx/xx/xxxx.
There were circumstances outside of your control which impacted the sale of the property.
Shortly after those circumstances changed a contract to sell the property was entered into with settlement occurring a month after the expiry of the two-year period.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)