Private ruling: Commissioner's discretion - deceased estate
Date of advice: 25 May 2022
Published: August 2022
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 2021

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 is less than two hectares. The property was the main residence of the deceased throughout their ownership period. The property has never been used to produce assessable income. Due to circumstances outside of their control, the beneficiaries were prevented from preparing the property for sale. A real estate agency was appointed, and the property was sold more than two years after the deceased's date of death.

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