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Edited version of private advice
Authorisation Number: 1052004088640
Date of advice: 12 July 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 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 ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased owned a property that was acquired by their spouse prior to 1985.
The property was transferred to the deceased upon the death of their spouse.
The property is less than two hectares.
The deceased passed away in April 20XX.
The property was the main residence of the deceased throughout their ownership period.
The deceased moved into aged care facilities in 20XX.
The property was used to produce assessable income from May 20XX to November 20XX.
Probate was granted in June 20XX.
Prior to the grant of probate, the beneficiaries contested the deceased's Will and sought the assistance of legal representatives.
The executor was unable to sell the property as court proceedings halted the disposal process.
The property was listed for sale soon after the legal proceedings were finalised. You entered into a contract to sell the property in February 20XX with settlement taking place in April 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)