Private ruling: Commissioner's discretion - deceased estate
Date of advice: 6 July 2022
Published: December 2022
Ruling period: Year ending 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 ato.gov.au for 'QC 66057'.


Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-195 | Income Tax Assessment Act 1997 subsection 118-120(3)


Relevant facts: The deceased passed away on XX XX 20XX. | The dwelling was the main residence of the deceased throughout their ownership period. | The dwelling has never been used to produce assessable income. | The land area is less than 2 hectares in size. | The deceased's Will left the dwelling in equal share to you and your siblings. Title to the dwelling was transferred into your names on xx xx 20xx. | You received the keys to the dwelling a short time later. | You and your sibling also inherited an equal share in the contents of the dwelling. | You were required to determine what was required to be kept and how to dispose of items in the house that had been accumulated over more than 20 years. | The Covid-19 lockdowns in the relevant location greatly restricted your ability to attend the dwelling to undertake this task as you live more than x hour drive from the dwelling. | Covid-19 lockdowns caused delays in you preparing the dwelling for sale and engaging property maintenance providers. | The dwelling was first scheduled to go on the market in early xx 20xx however the agent suspended the sale due to pending lockdown. An auction was scheduled in xx 20xx however this was cancelled as well. The dwelling was listed for an online auction in xx 20xx however it was passed in. The dwelling eventually sold a short time later and settled recently.