Will the Commissioner grant an extension to the 2-year period for disposal of your ownership interest until XX Month 20XX?
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 This ruling applies for the following period : Year ending 30 June 20XX The scheme commences on: 1 July 20XX
The Deceased died several years ago. The Deceased was the sole owner of a property. The Deceased lived in the Property until their death, and it was never used to produce income. The Deceased appointed their child (Person B) as the Executor of their Will. In their Will, the Deceased left the Property to you, their child (Person B), and your sibling (Person C). You inherited a XX% ownership interest, Person B a XX% ownership interest and Person C a XX% ownership interest. Person B was the primary carer for the Deceased. They have had to undergo medical treatment for xxxx, xxxx, and xxxx. since the death of their parent. This contributed to the delay in seeking a grant of Probate. In addition, City A was in lockdown for an extended period following the Deceased's death. Your sibling resides in City B and experienced difficulties being able to travel to City B to assist with the Property. You approached a law firm (Firm A) some time after the Deceased's death to seek a grant of Probate. After making countless efforts to progress Probate you decided to change firms.
You had a meeting with Firm B a short time later to seek a grant of Probate. At that time, you discovered that no progress had been made by Firm A. You signed a contract a short time later, agreeing to sell your ownership interest in the Property to Person B for $X. Settlement occurred shortly after the contract was signed.
Income Tax Assessment Act 1997 subsection 118-195 (1)