Private ruling: Commissioner's discretion - deceased estate
Date of advice: 5 May 2022
Published: July 2022
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: 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? | A1: 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'.

Relevant facts and circumstances: The deceased owned a property. The property was the main residence of the deceased throughout their ownership period. The property has never been used to produce assessable income. The property was listed for sale and a contract of sale was signed. The purchasers requested a longer settlement period. The executors agreed to the longer period as they had already faced delays in selling the property due to Covid restrictions. Settlement occurred February 20XX.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-195