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 DD/MM/YYYY The scheme commences on: DD/MM/YYYY
The deceased passed away on DD/MM/YYYY. The property was the main residence of the deceased throughout their ownership period. The property has never been used to produce assessable income. Probate was granted on DD/MM/YYYY. Following the grant of probate there was a dispute between the executors regarding the sale of the property and the claim that one of the executors had over the property. The executors took active measures to resolve the dispute and a Deed of Agreement was entered into on DD/MM/YYYY. The property was listed for sale soon after the Deed of Agreement was made. 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