Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the dwelling and the adjacent two hectares of land (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: xx/xx/xxxx
The deceased passed away on xx/xx/xxxx. The deceased acquired the ownership interest in the property before 20 September 1985. The property was the main residence of the deceased throughout their ownership period. The property has never been used to produce assessable income. The property is greater than 2 hectares. The deceased had no will and died intestate. Probate was granted on xx/xx/xxxx. Issues with the title to the property caused a delay to the administration of the deceased estate. In October 20xx, the property was transferred into the name of the executor. The property was listed for sale soon after the issues with the title were rectified. A contract was entered into to sell the property on xx/xx/xxxx with settlement occurring on xx/xx/xxxx.
Income Tax Assessment Act 1997 section 118-195 Income Tax Assessment Act 1997 subsection 118-120(3)