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 YYYY The scheme commences on: DD MM YYYY
The deceased passed away on DD MM YYYY. The deceased acquired 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 less than 2 hectares in size. Probate was granted on DD MM YYYY. Following the grant of probate, one of the XXXX of the deceased (a beneficiary) and their XXXX contested the deceased's will, lodging a XXXX provision claim in the Supreme Court. This claim was settled with consent orders made by the Supreme Court DD MM YYYY. There was a further delay in putting the property on the market caused by the failure of a beneficiary to collect personal belongings from the property despite repeated requests from the executors. You entered into a contract to sell the property in DD MM YYYY with settlement occurring in DD MM YYYY.
Income Tax Assessment Act 1997 section 118-195