Private ruling: Deceased estate
Published: 1 June 2026
Ruling period: Period ended DD MM YY
Date scheme commenced: DD MM YY

Ruling: Q1: Will the Commissioner exercise his discretion under section118-195 of the Income Tax Assessment Act 1997 to allow an extension of time for you to dispose of your ownership interest in the dwelling and disregard the capital gain or capital loss you made on the disposal? | A1: Yes. Having considered the circumstances and the difficulties experienced in administering the estate, the Commissioner will allow an extension of time.

Relevant facts and circumstances: The property is located at Address A. It is less than 2 hectares. The deceased acquired a 50% share of the property in YY when they and their spouse purchased it. On DD MM YY the deceased executed their Will. This appointed X of their children, as executors. On DD MM YY the deceased acquired their spouse's 50% share on their passing. On DD MM YY the deceased passed away. The property was their main residence at the time of their passing and was not being used to produce income. From MM YY to MM YY the executors gathered information for the probate application. On DD MM YY executors met with a solicitor to discuss the estate. In MM YY the probate application was submitted. On DD MM YY probate was granted to the executors. Due to circumstances outside the control of the executors the property was settled a very short period of time outside of 2 years from the date of death of the deceased. On DD MM YY the property was listed for sale. On DD MM YY a verbal offer for the property was received. On DD MM YY a written offer was received and accepted. On DD MM YY a contract of sale was signed. On DD MM YY a final inspection was held. On DD MM YY settlement took place.

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