Will the Commissioner allow an extension of time for you to dispose of your ownership interest in 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 passed away on xx/xx/xxxx. The deceased acquired the property after 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 at any time during the deceased's period of ownership. Probate was granted on xx/xx/xxxx. The executor passed away on xx/xx/xxxx, prior to estate being finalised. Under the deceased's will executorship passed to another family member. Complexities in the administration of the estate led to another application for probate being made. The second probate was granted on xx/xx/xxxx. On xx/xx/xxxx an offer to purchase the property was accepted by the executor and transfer of sale documents were drawn up but due to circumstances outside of the executor's control, the sale did not proceed. The property was later sold with settlement occurring on xx/xx/xxxx.
Income Tax Assessment Act 1997 subsection 118-195(1)