1 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 and disregard the capital gain made on the disposal?
1 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 number of years ago. The property was the deceased main residence just before they passed away. The property was less than 2 hectares in size. The property was never used to derive assessable income just before or after the deceased passed away. The property was acquired by the deceased a few years prior to passing away. The deceased's will bequeath the property to their spouse. There was a mortgage over the property at the time the deceased passed away. The deceased spouse paid the mortgage off eventually. The deceased spouse did not have the money to transfer the property into their own name. The deceased spouse lived in the property as their main residence until they passed away. The deceased's paid all costs associated with the upkeep and maintenance of the property. The property was listed for sale a few months after the spouse passed away and a contract to purchase the property was signed and settlement took place later in the year.
Income Tax Assessment Act 1997 section 118-195