Will the Commissioner exercise the discretion to 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 periods : Year ended 30 June 20XX Year ending 30 June 20XX The scheme commenced on: 1 July 20XX
At some time after 1985, the deceased and their spouse jointly acquired the property. The property was the main residence of the deceased just before they passed away and was not used to produce assessable income at that time. The property was situated on less than two hectares of land. Several years later, the deceased's spouse passed away. Later, the deceased passed away. The property remained vacant until the sale settled. After the deceased passed away, the state spent periods in COVID lockdown. During this time, the Co-Executors were essential workers. After the restrictions eased, the property sold quickly and settled within two months after the end of the two-year period.
Income Tax Assessment Act 1997 Section 118-195