Private ruling: Commissioner's discretion - deceased estate
Date of advice: 9 March 2022
Published: May 2022
Ruling period: The year ending DD/MM/YYYY
Date scheme commenced: DD/MM/YYYY

Ruling: Q1: Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the dwelling (the property) 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 passed away on DD/MM/YYYY. The deceased acquired the property before 20 September 1985. The property is situated on less than two hectares of land. Probate was granted on DD/MM/YYYY. Following the grant of probate one of the children (a beneficiary) of the deceased contested the deceased's Will. The legal proceedings were also hindered by COVID-19 restrictions. The legal proceedings ended approximately X years and X months after deceased had passed. The property was listed for sale soon after the legal proceedings were finalised with a contract of sale and settlement taking place shortly afterwards.

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