Private ruling: Commissioner's discretion - deceased estate
Date of advice: 10 February 2022
Published: May 2022
Ruling period: Year ending 30 June 20YY
Date scheme commenced: 1 July 20YY

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 DD/MM/19YY. The deceased acquired the dwelling prior to 20 September 1985. The dwelling was the deceased's main residence. The land adjacent to the dwelling was less than 2 hectares in area. The deceased's Will gave their spouse the right to reside in the dwelling. The deceased's spouse signed a document on DD/MM/20YY relinquishing their right to reside in the dwelling due to their decision to move elsewhere. The beneficiaries made the decision to sell the dwelling on DD/MM/20YY. The dwelling was listed for sale on DD/MM/20YY. The contract for sale of the dwelling was signed on DD/MM/20YY. Settlement of the sale of the dwelling occurred on DD/MM/20YY.

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