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?
Yes. Having considered your circumstances and the relevant factors the Commissioner will allow an extension of time. This ruling applies for the following period : The year ended 30 June YYYY The scheme commences on: DD/MM/YYYY
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 to produce assessable income. The property was less than two hectares in size. The property was vacant from the deceased's date of death until settlement. Legal challenges to the will delayed the administration of the deceased's estate. Other factors outside of your control also contributed to the delay in the sale of the dwelling.
Income Tax Assessment Act 1997 section 118-195