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Edited version of private advice
Authorisation Number: 1051977229207
Date of advice: 9 May 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:
1 July 20xx
Relevant facts and circumstances
The deceased passed away on xx/xx/xx.
The property was the main residence of the deceased.
The property has never been used to produce assessable income.
Probate was granted on xx/xx/xxxx.
There were circumstances outside of your control which delayed the disposal of the property.
Once those circumstances were resolved, the property was listed with an agent on xx/xx 20xx and a contract of sale was entered into on xx/xx 20xx. Settlement occurred on xx/xx/ 20xx.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)