Private ruling: Commissioner's discretion - deceased estate
Date of advice: 21 April 2023
Published: 5 June 2023
Ruling period: Income year ended 30 June 20XX
Date scheme commenced: XX/XX/20XX

Ruling: Q1: Will the Commissioner exercise the discretion under section 118-195 of the Income Tax Assessment Act 1997 to allow an extension of time for you to dispose of your property and disregard the capital gain or loss you made on the disposal? | A1: Yes. Having considered you 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 facts and circumstances: The deceased passed away on XX/XX/20XX. The deceased acquired the property before 20 September 1985. The property was the main residence of the deceased just before they passed away and was not used to produce assessable income at that time. The property was situated on less than two hectares of land. Probate was granted on XX/XX/20XX. The property contained an extremely large item which was very difficult to relocate. The difficulty in relocating the item resulted in a delay in the sale of the property. The property settled X months after the expiry of the two-year period.

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