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 20XX The scheme commences on: X April 20XX
The deceased passed away on XX February 20XX. The deceased acquired a half share of the property prior to 20 September 1985 and the remaining half share of 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 on XX November 20XX. Sensitivities surrounding the health of one of the deceased's children, who was residing in the property at the time of the deceased's passing, led to a delay in disposing of the property. You entered into a contract to sell the property on XX April 20XX with settlement occurring on XX August 20XX.
Income Tax Assessment Act 1997 section 118-195