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Edited version of private advice
Authorisation Number: 1052100321824
Date of advice: 22 March 2023
Ruling
Subject: Commissioner's discretion - deceased estates
Question
Will the Commissioner allow an extension of time for you to dispose of your ownership interest in 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:
Year ending 30 June 20XX
The scheme commenced on:
xx November 20xx
Relevant facts and circumstances
The deceased passed away on xx/xxx/xxxx
The deceased acquired the property before 20 September 1985.
After the passing of the deceased there was a dispute regarding the will of the deceased.
On xx/xxx/xxxx, a deed of settlement and release was entered into to resolve the dispute.
The property was listed for sale on xx/xxx/xxxx.
Probate was granted on xx/xxx/xxxx.
You entered into a contract to sell the property xx/xxx/xxxx with settlement occurring on xx/xxx/xxxx.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195