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Edited version of private advice
Authorisation Number: 1052005365955
Date of advice: 27 July 2022
Ruling
Subject: Commissioner's discretion - deceased estate
Question
Will the Commissioner allow an extension of time for the executor of the deceased estate to dispose of their ownership interest in the dwelling (the property) 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:
The year ended 30 June XXXX
The scheme commences on:
DD/MM/YYYY
Relevant facts and circumstances
The deceased passed away on DD/MM/YYYY.
The deceased acquired property before 20 September 1985.
The property was the main residence of the deceased throughout their ownership period.
The property was not used to produce assessable income at the time of the deceased's death.
The deceased's child is the sole beneficiary and executor for the estate.
It took time to sort through the deceased's possessions and dispose of the unwanted items.
Repairs were needed to a fixture on the property, and this took time.
The executor and their spouse suffered injuries, leading to further delays due to lengthy recovery processes.
In attending to the issues involving the property and placing the property on the market, there were further delays due to restrictions and lockdowns in your State during COVID-19.
The dwelling remained vacant after the deceased's date of death.
The property was put on the market with the sale and then settlement occurring shortly afterwards.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195