Private ruling: Commissioner's discretion - deceased estate
Date of advice: 4 April 2022
Published: June 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 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 situated on less than two (2) hectares of land. Probate was granted on DD/MM/YYYY. Following this, due to unforeseen delays outside of the executor's control the property was not transferred to the beneficiaries until DD/MM/YYYY. In addition to these delays, between the deceased's passing and the marketing of the property, the sensitivity of your personal circumstances and of other surviving relatives of the deceased caused further delays. You entered into a contract to sell the property on DD/MM/YYYY with settlement occurring on DD/MM/YYYY.

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