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 was not used to produce assessable income. The property is situated on less than 2 hectares of land. On DD/MM/YYYY, probate was lodged by a solicitor, however due to unforeseen circumstances, the granting of probate was delayed. Probate was granted on DD/MM/YYYY. The sensitivity of your personal circumstances impacted on your ability to attend to the administration of the Estate. You were contacted by a person wishing to purchase the property on DD/MM/YYYY. You entered into a contract to sell the property to the above-mentioned person with settlement occurring on DD/MM/YYYY, less than three months after the expiry of the two-year period.

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