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 in DD MM YYYY. The deceased acquired the property after 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 in DD MM YYYY. You had intended to put the property on the market in DD MM YYYY, however, in DD MM YYYY, a severe weather event occurred and caused damage to the property. You lodged an insurance claim to have the damage to the property repaired. Due to the number of claims in the area you were advised that the work wouldn't be able to be completed until DD MM YYYY. However, the date of the repairs was delayed a number of time due to the weather. Due to the continued delays by the builder and because of health issues being experience by one of the beneficiaries, you made the decision to sell the property without the repairs being completed. The property was listed for sale in DD MM YYYY and sold shortly after with settlement occurring in DD MM YYYY.
Income Tax Assessment Act 1997 section 118-195.