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: XX XXX 20XX
The deceased passed away on XX XXX 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 is less than 2 hectares in area. The property has never been used to produce assessable income. Prior to their passing, the deceased lived with their child (Person A). Person A was diagnosed with a significant medical condition in 20XX. It was the dying wish of the deceased that Person A be allowed to reside in the property for as long as possible. Person A continued to reside in the property until their passing in 20XX. You entered into a contract to sell the property on XX XXX 20XX with settlement occurring on XX XXX 20XX.
Income Tax Assessment Act 1997 section 118-195.