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Edited version of private advice
Authorisation Number: 1051973747353
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 located at (the property) and disregard the capital gain or loss you made on the disposal?
Answer
Yes.
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 acquired an interest in the property as a tenant in common at some time before 1985.
The deceased prepared his will in December 19XX.
The deceased named someone in the will as having a right to reside in the property for the remainder of their life or until they choose to no longer reside in the property.
The deceased passed away in November 19XX.
The deceased's interest in the property was held in trust by the administrator of the estate while the person holding a life interest resided in the property.
The life interest remained in the property as their primary place of residence until they vacated the property in April 20XX.
The property was placed on the market for sale in September 20XX.
The property went under contract in November 20XX.
The property settled in January 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195