Private ruling: The Commissioner's discretion to allow more time
Date of advice: 9 December 2021
Published: March 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 prior to 20 September 1985. The property on which the dwelling is located is less than two hectares. The deceased's Will named only two of their children as executors but all as beneficiaries. Upon passing of the deceased, a non-executor child remained in the property not paying rent. The executors spent the first year after the deceased's passing assisting their sibling in attempting to locate alternate accommodation to allow for the sale of the dwelling. On xx/xx/20xx the executors engaged Solicitors who corresponded with the sibling advising of the executors' intentions to sell the dwelling and giving notice to vacate. In xx/20xx the executors engaged a legal firm to represent them for the administration of the deceased estate. Multiple letters were sent by the legal firm requesting the sibling vacate the dwelling without success. A Supreme Court hearing was conducted on xx/xx/20xx where the sibling was ordered to vacate the dwelling by xx/xx/20xx. The dwelling was then marketed for sale after the sibling had vacated. The dwelling was auctioned on xx/xx/20xx and contracts signed on the same date. Settlement occurred on xx/xx/20xx.

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