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Edited version of private advice
Authorisation Number: 1052151161510
Date of advice: 3 August 2023
Ruling
Subject: Commissioner's discretion - deceased estate
Question
Will the Commissioner exercise their discretion under section 118-195 of the Income Tax Assessment Act 1997 to allow an extension of time for you to dispose of your ownership interest in the Property and disregard the capital gain or capital 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 XX/XX//20XX.
The scheme commenced on:
XX/XX/20XX
Relevant facts and circumstances
The Deceased passed away XX/XX20XX.
The two executors of the estate were residents of NSW and Victoria respectively.
The location of the property was in Queensland. Border restrictions exacerbated delays and obstructions in processing the estate, including access to the property.
There were extensive delays due to restrictions on legal, procedural and real estate activities imposed by government authorities in NSW, Queensland and Victoria and in response to COVID-19 as well as additional impacts due to fire and flood.
The property in question was less than two hectares.
The property was not used for the purpose of producing assessable income at the time of the deceased's death.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118 - 195