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Edited version of private advice
Authorisation Number: 1051977305564
Date of advice: 5 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 periods:
Year ended 30 June 20XX
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased owned a property.
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 was listed for sale and a contract of sale was signed.
The purchasers requested a longer settlement period. The executors agreed to the longer period as they had already faced delays in selling the property due to Covid restrictions.
Settlement occurred February 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195