Private ruling: Commissioner's discretion - deceased estate
Date of advice: 8 April 2022
Published: June 2022
Ruling period: 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 'QC 66057' on ato.gov.au

Relevant facts and circumstances: The deceased passed away on XX/XX/20XX. The deceased acquired the dwelling after 20 September 1985. The dwelling was the deceased's main residence and was not used to produce assessable income. Several complex issues were identified with the deceased's Will which required legal advice to be obtained before proceeding with the administration of the estate. A request for legal advice was initiated on XX/XX/20XX and the final advice was not received for some time due to the complexities related to the construction of the Will. The dwelling was listed for sale on XX/XX/20XX with a contract for sale signed within a month. The dwelling settled on XX/XX/20XX.

Relevant legislative provisions: Income Tax Assessment Act 1997 subsection 118-195(1)