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Edited version of private advice
Authorisation Number: 1052192830823
Date of advice: 14 November 2023
Ruling
Subject: Commissioners 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 Property?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information about the Commissioners discretion can be found by searching ato.gov.au for 'QC 66057'.
This private ruling applies for the following period:
Year ending XX June 20XX.
The scheme commenced on:
XX July 20XX.
Relevant facts and circumstances
This private ruling is based on the facts and circumstances set out below. If your facts and circumstances are different from those set out below, this private ruling has no effect, and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
The deceased passed away some decades ago.
The Property was the deceased's main residence when they passed away.
The Property was less than 2 hectares.
The Property was never used to produce income.
The deceased's child had a right under the Will to live in the Property until they too passed away or surrendered the life tenancy.
The deceased's child passed away on in 20XX.
The Property was listed for sale in 20XX and subsequently sold in 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195