Private ruling: The Commissioner's discretion - deceased estate - dwelling
Date of advice: 15 December 2021
Published: March 2022
Ruling period: Year ending 30 June 20XX | Year ending 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 purchased and owned a pre-CGT property which was the Deceased main residence until date of death. The property was occupied by the deceased and the deceased child. Probate was granted on XX/XX/XXXX to A and B. The executors engaged a real estate agent in early 20XX to have the property prepared for sale. Circumstances outside the control of the beneficiary caused delays in selling the property. The dwelling was listed for sale as soon as practically possible after those circumstances were resolved. The property was sold with settlement occurring XX/XX/XXXX.

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