Private ruling: The Commissioner's discretion - deceased estate - dwelling
Date of advice: 25 March 2022
Published: June 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.

Relevant facts and circumstances: The deceased passed away on xx/xx/xxxx. The property was the main residence of the deceased throughout their ownership period. The property has never been used to produce assessable income. Probate was granted on xx/xx/xxxx. There was a delay in the sale of the property which was principally caused by multiple claims made against the estate in relation to the property. The property was listed for sale in xx/xxxx and sold at public auction on xx/xx/xxxx with settlement occurring on xx/xx/xxxx.

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