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Edited version of private advice
Authorisation Number: 1052164798312
Date of advice: 6 September 2023
Ruling
Subject: Commissioner's discretion - deceased estate
Question
Will the Commissioner exercise the 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 dwelling 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 periods:
Year ended DD MM 20YY
Year ending DD MM 20YY
The scheme commenced on:
DD MM 20YY
Relevant facts and circumstances
The Deceased passed away on DD MM 20YY leaving a will (the Will).
As at date of death, the Deceased owned a property at XXX, which was their main residence.
The Deceased appointed XXX as the Executor of their Will.
The Will granted a right to reside to the Deceased's spouse.
Probate was granted to the Executor on DD MM 20YY.
On DD MM 20YY, the spouse passed away.
A contract was entered into to sell the Property on DD MM 20YY, with settlement occurring on DD MM 20YY.
At all material times, the Property was not used for producing assessable income.
The Property is less than 2 hectares in size.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195