Will the Commissioner grant an extension of time to dispose of the Property?
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 ended 30 June 20XX The scheme commences on: 1 July 20XX
The deceased passed away on XXXX. The deceased acquired a 50% interest in the property prior to 20 September 1985. The deceased acquired the remaining interest in the property on the death of their spouse. The dwelling and front and back gardens required clearing and cleaning including the demolition and removal of two structures and repair of third. 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 is situated on less than two hectares of land. During the period between the death of the deceased and settlement, the property remained vacant. One of the executors was diagnosed with a medical condition compromising their immune system prohibiting travel to the deceased's property. COVID-19 restrictions also contributed to the executor's ability to prepare the property for sale. A contract for sale of the property was entered into on XX/XX/20XX with settlement occurring on XX/XX/20XX. Settlement occurred just outside of the two-year period.
Income Tax Assessment Act 1997 section 118-195