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 ending DD/MM/YYYY The scheme commences on: DD/MM/YYYY
The deceased passed away on DD/MM/YYYY. The deceased acquired the property prior to 20 September 1985. The property was situated on less than 2 hectares of land. The deceased's will provided a life interest in the property. The person with the life interest passed away on DD/MM/YYYY. After the passing of the person with a life interest, the sensitivity of the personal circumstances of the surviving relatives caused unforeseen circumstances to arise, delaying the sale of the property. The property was listed for sale on DD/MM/YYYY. You entered into a contract to sell the property on DD/MM/YYYY with settlement occurring on DD/MM/YYYY.
Income Tax Assessment Act 1997 section 118-195