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Edited version of private advice
Authorisation Number: 1051968172775
Date of advice: 8 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:
30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away on XX/XX/20XX.
The deceased acquired the dwelling prior to 20 September 1985.
The size of the land adjacent to the dwelling is less than two hectares.
The sale of the dwelling was delayed due to factors outside of your control.
The dwelling was listed for sale on XX/XX/20XX with a contract of sale signed on XX/XX/20XX.
Settlement occurred on XX/XX/20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)