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 in 20XX. The deceased acquired the property after 20 September 1985. The property was the main residence of the deceased throughout their ownership period. The property is less than two hectares in size. The property has never been used to produce assessable income. On 15 March 2020, in response to the emergence of Covid 19, a public health emergency was declared in South Australia under the South Australian Public Health Act 2011 . Serious illnesses being suffered by partners of the executors' delayed administration of the estate. Probate was granted in 20XX. You entered into a contract to sell the property in 20XX with settlement occurring two months later.
Income Tax Assessment Act 1997 section 118-195