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Edited version of private advice
Authorisation Number: 1051966364628
Date of advice: 31 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 interests in the dwellings (the properties) (separately; property A and property B) and disregard the capital gain or loss you made on the disposals?
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 A was the main residence of the deceased up to the date of their death.
The deceased acquired property B before 20 September 1985
The properties were situated on less than two hectares of land each.
The complexities of the administration of the estate delayed the issuing of probate. Probate was granted on DD/MM/YYYY.
Property A had squatters enter the property on two occasions after the deceased passed away. On both occasions, the squatters caused damage to the property and had to be removed by police.
On DD/MM/YYYY, caveats on the titles to the properties were lodged.
On DD/MM/YYYY, the executor was agreed to have the power of sale, which provided the legal right to enter the properties.
On DD/MM/YYYY, Property A was first entered to remove possessions and repair the damage.
On DD/MM/YYYY, Property B was first entered to remove possessions.
On DD/MM/YYYY, applications were made to remove the caveats on the properties.
The properties were listed for sale and sold at auction.
The properties were not used for any purpose by the Estate from the deceased's death until they were sold.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195