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Edited version of private advice
Authorisation Number: 1051979576961
Date of advice: 13 May 2022
Ruling
Subject: Commissioner's discretion - deceased estate
Question
Will the Commissioner grant an extension of time for you to dispose of your ownership interest in the dwelling and disregard the capital gain or loss you make on disposal?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information about this discretion can be found by searching 'QC 66057' on ato.gov.au
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
Year ended 30 June 20XX
Relevant facts and circumstances
The deceased owned The Property that was purchased after 20 September 1985.
The deceased lived in it as their main residence until their date of death and it was never used to produce assessable income.
The Property comprises of XXX square metres (Less than 2 hectares).
The deceased made a Will in 20XX (Formal Will).
The deceased's solicitor subsequently attended and took handwritten notes about the making of the Will in 20XX (Informal Will).
The deceased died in 20XX.
In 20XX, the executors under the informal Will applied for probate.
Throughout 20XX the Supreme Court made various requisitions about the informal Will.
In late 20XX, the executors were asked by the beneficiaries to apply for probate under the formal will, the request was declined by the executors.
In 20XX, court proceedings commenced by the executors of the informal will and evidence was served.
In 20XX, the court order appointment of the interim Administrator under special Letters of Administration, so that the Estate could be administered whilst the court proceedings continued.
In 20XX, agreement was made that XX would apply for probate of the formal Will.
In 20XX, the court orders were made that XX would apply for probate of the formal Will.
In 20XX, XX lodged a notice of intention to apply for Probate of the formal Will.
In 20XX, application for Probate was lodged with the court.
In early 20XX Probate was granted to XX.
The Property was listed for sale in late 20XX.
In late 20XX a contract was entered for the sale of The Property
In late 20XX settlement of The Property occurred and titles were transferred.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195