Will the Commissioner allow an extension of time for you to dispose of your ownership interest in a 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. 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 ending 30 June 20XX The scheme commences on: 1 July 20XX
The deceased owned a property. The deceased purchased the property in XXXX. The deceased passed away in XXXX. In their Last Will and Testament, the deceased provided a life interest in the property for their spouse. The deceased's spouse continued to reside at the property after the deceased's death. The deceased's spouse permanently vacated the property in XXXX and it was immediately prepared for sale. The property was sold under contract in XXXX with settlement in XXXX. The property was the deceased's main residence prior to his death. The property has not been used for producing assessable income.
Income Tax Assessment Act 1997 section 118-195