Private ruling: Commissioner's discretion - deceased estate
Date of advice: 16 June 2022
Published: September 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 passed away on DD/MM/YYYY. The dwelling was acquired after 20 September 1985. The dwelling was the main residence of the deceased and not used for income producing purposes. The land adjacent to the dwelling is less than two hectares. The dwelling was transferred into the names of the beneficiaries it was bequeathed to, including yourself, on DD/MM/YYYY. You sought to have the property sold in a timely manner but factors beyond your control, including your serious health issues, contributed to a delay in the sale. A buyer for the dwelling was secured DD/MM/YYYY and the contract of sale was signed on DD/MM/YYYY. Settlement occurred on DD/MM/YYYY.

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