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Edited version of private advice
Authorisation Number: 1051993247370
Date of advice: 16 June 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 'QC 66057' on ato.gov.au.
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 passed away on DD/MM/YYYY.
The dwelling was acquired after 20 September 1985.
The dwelling was the main residence of the deceased and not used for income producing purposes.
The land adjacent to the dwelling is less than two hectares.
The dwelling was transferred into the names of the beneficiaries it was bequeathed to, including yourself, on DD/MM/YYYY.
You sought to have the property sold in a timely manner but factors beyond your control, including your serious health issues, contributed to a delay in the sale.
A buyer for the dwelling was secured DD/MM/YYYY and the contract of sale was signed on DD/MM/YYYY.
Settlement occurred on DD/MM/YYYY.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)