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Edited version of private advice
Authorisation Number: 1051967371790
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 (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 throughout their ownership period.
The property has never been used to produce assessable income.
The property was situated on less than two (2) hectares of land.
Probate was granted on DD/MM/YYYY.
Following this, due to unforeseen delays outside of the executor's control the property was not transferred to the beneficiaries until DD/MM/YYYY.
In addition to these delays, between the deceased's passing and the marketing of the property, the sensitivity of your personal circumstances and of other surviving relatives of the deceased caused further delays.
You entered into a contract to sell the property on DD/MM/YYYY with settlement occurring on DD/MM/YYYY.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195