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Edited version of private advice
Authorisation Number: 1052344248688
Date of advice: 17 February 2025
Ruling
Subject: Commissioner's discretion - deceased estate
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 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 private ruling applies for the following period:
Year ending XX June 20XX
The scheme commenced on:
XX July 20XX
Relevant facts and circumstances
The deceased purchased the property in 19XX.
The property was the main residence of the deceased at the time of their death and was not used to produce assessable income.
The property is situated on less than 2 hectares of land.
The deceased had three children.
Child A lived with the deceased at the property for most of their life, as they had considerable health issues and required full time care.
After the death of the deceased the ongoing health issues of Child A and logistical difficulties caused delays in selling the property.
The property was sold less than three years after the death of the deceased.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195