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Edited version of private advice
Authorisation Number: 1051979981431
Date of advice: 25 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 2021
Relevant facts and circumstances
The deceased owned a property.
The property is less than two hectares.
The property was the main residence of the deceased throughout their ownership period.
The property has never been used to produce assessable income.
Due to circumstances outside of their control, the beneficiaries were prevented from preparing the property for sale.
A real estate agency was appointed, and the property was sold more than two years after the deceased's date of death.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195