Will the Commissioner exercise the discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 to extend the two year period for you to dispose of your ownership interest in the property?
Yes. Having considered your circumstances and the relevant factors set out in the Practical Compliance Guideline PCG 2019/5, the Commissioner will exercise the discretion to extend the two year period for you to dispose of your ownership interest in the property. 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 ended 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 has never been used to produce assessable income. Probate was granted to the Executor of the deceased in 20XX. Lockdowns imposed to combat the spread of Covid 19 impacted the ability of the Executor to put the property on the market. The property went to auction in June 20XX, but was passed in. The property later sold two months later, however the purchaser rescinded on the sale. A new contract to sell the property was executed soon after with settlement occurring in April 20XX as agreed by the parties.
Income Tax Assessment Act 1997 section 118-195