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?
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'. This ruling applies for the following period : Year ended 30 June XXXX The scheme commences on: 1 July XXXX
The deceased owned a property. The property is less than two hectares. The property was the main residence of the deceased throughout their ownership period. The property has never been used to produce assessable income. Under the terms of the Will, the deceased's child was given a right to reside in the dwelling. The deceased's child relinquished this right to reside. The property was listed for sale shortly after the right to reside was relinquished. The sales contract for the property was signed and settlement occurred soon afterwards.
Income Tax Assessment Act 1997 section 118-195