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Edited version of private advice
Authorisation Number: 5010079938800
Date of advice: 9 December 2021
Ruling
Subject: The Commissioner's discretion to allow more time
Question
Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the dwelling and disregard the capital gain or 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 'QC 66057' on ato.gov.au.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away on xx/xx/20xx.
The deceased acquired the dwelling prior to 20 September 1985.
The property on which the dwelling is located is less than two hectares.
The deceased's Will named only two of their children as executors but all as beneficiaries.
Upon passing of the deceased, a non-executor child remained in the property not paying rent.
The executors spent the first year after the deceased's passing assisting their sibling in attempting to locate alternate accommodation to allow for the sale of the dwelling.
On xx/xx/20xx the executors engaged Solicitors who corresponded with the sibling advising of the executors' intentions to sell the dwelling and giving notice to vacate.
In xx/20xx the executors engaged a legal firm to represent them for the administration of the deceased estate.
Multiple letters were sent by the legal firm requesting the sibling vacate the dwelling without success.
A Supreme Court hearing was conducted on xx/xx/20xx where the sibling was ordered to vacate the dwelling by xx/xx/20xx.
The dwelling was then marketed for sale after the sibling had vacated.
The dwelling was auctioned on xx/xx/20xx and contracts signed on the same date.
Settlement occurred on xx/xx/20xx.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)