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Edited version of private advice
Authorisation Number: 1051969229640
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 ato.gov.au for 'QC 66057'.
This ruling applies for the following period:
Year ending 30 June 20xx
The scheme commences on:
xx/xx/xxxx
Relevant facts and circumstances
The deceased passed away on xx/xx/xxxx.
The deceased acquired the property 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.
Following the passing of the deceased, the spouse of the deceased continued to reside in the property under a life interest created in the Will of the deceased.
The spouse of the deceased continued to reside in the property until xx/xx/xxxx, at which time they moved into residential aged care.
Other factors beyond the executors' control delayed the sale of the property for a time.
The property was sold at auction on xx/xx/xxxx with settlement occurring on xx/xx/xxxx.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)