Private ruling: Commissioner's discretion - deceased estate
Date of advice: 28 March 2022
Published: June 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 xx/xx/20xx The deceased acquired the dwelling after 20 September 1985. The dwelling was the main residence of the deceased and not used to produce assessable income. The land adjacent to the dwelling is less than two hectares in area. Legal proceedings taken against the estate resulted in a delay in the sale of the dwelling. The legal proceedings were finalised on xx/xx/20xx with a settlement agreement being reached. A contract for sale was signed on xx/xx/20xx and went unconditional on xx/xx/20xx. Settlement occurred on xx/xx/20xx.

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