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Edited version of private advice
Authorisation Number: 1052352906768
Date of advice: 07 February 2025
Ruling
Subject: Commissioner's discretion - deceased estate
Question 1
Will the Commissioner exercise the discretion under section 118-195 of 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 1
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 30 June 20XX
The scheme commenced on:
XX XX 20XX
Relevant facts and circumstances
On XX XX 19XX, the deceased acquired a property located at XX XX XX (the property).
On XX XX 20XX, the deceased passed away.
The property is less than X hectares in size.
The property was the deceased's main residence until they passed away.
The property was never used for the purpose of producing income during the deceased's ownership.
The deceased lived with their domestic partner, XX XX. XX continued to live in the property after the deceased passed away.
On XX XX 20XX, XX passed away.
You provided a copy of the deceased's will.
The deceased's will granted XX life tenancy at the property.
The deceased's children were appointed as the executors of the will.
Around the end of XX, the executors applied for Probate.
On XX XX 20XX, the executors entered a contract to sell the property.
On XX XX 20XX, the property settled.
The estate has been fully administered.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195