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Edited version of private advice
Authorisation Number: 1051970911431
Date of advice: 14 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 periods:
The year ended 30 June YYYY
The year ended 30 June YYYY
The scheme commences on:
DD/MM/YYYY
Relevant facts and circumstances
The deceased passed away on DD/MM/YYYY.
The deceased acquired the property jointly with their spouse after 20 September 1985.
The deceased's spouse passed away before the deceased.
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 is less than two hectares in size.
COVID-19 impacted your ability to administer the estate and arrange for disposal of the property.
There was a conflict within the family of the deceased concerning the property.
The property was listed for sale soon after this conflict was resolved.
You sold the property with settlement occurring on DD/MM/YYYY, approximately 50 days after the expiration of the two-year period.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195