Private ruling: Deceased estate two year discretion
Date of advice: 13 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 inherited a pre-CGT property from their late spouse. The deceased passed away XX/XX/XXXX. The property was the deceased's main residence. The deceased left a will stipulating the right to occupy to their youngest child. The right to occupy allowed the child of the deceased to remain in the property until their youngest child completed their school education. The youngest child completed high school on XX/XX/XXXX. The family vacated the property on XX/XX/XXXX. The property was sold with settlement occurring XX/XX/XXXX.

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