Edited version of private advice

Authorisation Number: 1051972525444

Date of advice: 20 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

Deceased person A passed away on DD/MM/YYYY.

Deceased person B passed away on DD/MM/YYYY.

Probate was granted on DD/MM/YYYY for both deceased person A and deceased person B.

The property was purchased by deceased person A and deceased person B before 20 September 1985

The property is situated on less than 2 hectares of land.

The property was tenanted until DD/MM/YYYY. The tenants decided to vacate the property on DD/MM/YYYY.

The property was cleaned and marketed, with no offers as of DD/MM/YYYY.

You entered into a contract to sell the property on DD/MM/YYYY.

The buyers were unwilling to settle within 60 days of entering the contract, preferring a 90-day settlement, which was agreed to take place on DD/MM/YYYY.

On DD/MM/YYYY, the buyer's solicitor informed your conveyancer that the buyer would require an extension of time to complete settlement to DD/MM/YYYY.

In addition to this, the sensitivities of your personal circumstances impacted on your ability to attend to the administration of the estates.

Settlement occurred on DD/MM/YYYY.

Relevant legislative provisions

Income Tax Assessment Act 1997 section 118-195