Private ruling: Commissioner's discretion - deceased estate
Date of advice: 14 April 2022
Published: July 2022
Ruling period: The year ended 30 June YYYY
Date scheme commenced: DD/MM/YYYY

Ruling: Q1: Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the dwelling (the property) 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 ato.gov.au for 'QC 66057'.

Relevant facts and circumstances: The deceased passed away on DD/MM/YYYY. The deceased acquired the property before 20 September 1985. The property was the main residence of the deceased throughout their ownership period. The property was not used as a rental property from the deceased's date of death until settlement. The deceased's children acquired the property as beneficiaries of the deceased's estate. The sensitivity of circumstances of the beneficiaries contributed to the delay in disposing of the property. COVID-19 impacted the beneficiaries' ability to dispose of the property within the two-year period. Settlement of the contract for sale of the property occurred approximately two and a half months after the expiration of the two-year period.

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