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Edited version of private advice
Authorisation Number: 1052326156261
Date of advice: 11 December 2024
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 (ITAA 1997) to allow an extension of time for you to dispose of your ownership interest acquired 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 period:
Year ended 30 June 20xx
The scheme commenced on:
01 July 20xx
Relevant facts and circumstances
The deceased acquired the property situated on less than two hectares of land after 20 September 1985.
The property was the main residence of the deceased just before they passed away. The property was not used to produce assessable income at that time.
You obtained necessary confirmations in the Australian legal system and complied with different government regulations between both countries.
Shortly after you were granted Letters of Administration, you placed the property on the market. Before listing the property for sale, you completed necessary repairs and maintenance due to the property being vacant since the deceased passed away.
The property settled less than a year after you placed it on the market.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195