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Edited version of private advice
Authorisation Number: 1051970851978
Date of advice: 14 April 2022
Ruling
Subject: The Commissioner's discretion - allow more time to dispose of a 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 ended 30 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
The deceased passed away intestate on DD/MM/YYYY.
The deceased acquired the property located at xxxxxx after 20 September 1985.
The land adjacent to the dwelling was less than two hectares in area.
The dwelling was the main residence of the deceased and not used to produce assessable income.
Letters of Administration were granted to the you on DD/MM/YYYY.
A letter from solicitors dated DD/MM/YYYY advised you that any party who wished to make a claim against the estate had to do so within six months of Probate being obtained.
The same letter went on to recommend that you wait six months before any distribution is made.
The deceased was a hoarder and had a collection of very heavy and bulky items that were both difficult to move or to find someone to take them away.
There was a dispute among the relatives concerning the assets of the deceased which delayed the sale of the property.
Also, you were prevented from attending the dwelling for some time due to circumstances outside of your control.
The preparations for the dwelling to be marketed for sale were finalised once circumstances preventing you from attending the dwelling had concluded.
The real estate agent was engaged on DD/MM/YYYY and the dwelling was also listed for sale on this date.
The contract of sale was signed on DD/MM/YYYY.
The settlement occurred on DD/MM/YYYY.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)