Will the Commissioner exercise the discretion under section 118-195 of the Income Tax Assessment Act 1997 (ITAA 1997) to allow an extension of time to dispose of the ownership interest in the property (the Property) and disregard the capital gain 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 ended 30 June 20XX The scheme commenced on: 1 July 20XX
The deceased passed away a few years ago. The property was the deceased's main residence just before they died. The property was purchased by the deceased a number of years ago. The property was less than 2 hectares. The property was never used to produce assessable income. Probate was granted in the year following the date of death. The deceased's child contested the will. The Estate claim was resolved pursuant to Terms of a Settlement which were endorsed by Court Orders. The deceased's child had a right to reside in the property for a period of time after the deceased's death as per the settlement. The deceased's child moved out of the property a few months later. The property was listed for sale shortly after the child left the property. A contract for the sale of the property was entered into and settlement occurred in the following year.
Income Tax Assessment Act 1997 section 118-195