1 Will the Commissioner exercise the discretion under section 118-195 of Income Tax Assessment Act 1997 (ITAA 1997) to allow an extension of time for you to dispose of your ownership interest in the dwelling and disregard the capital gain or capital loss you 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: DD MM 20XX
On DD MM 20XX, the deceased inherited a property from their late spouse. On DD MM 20XX, the deceased passed away. At the time of their death, the deceased was the sole owner and proprietor of the property. The property was the main residence of the deceases just before they passed away and was not used to produce assessable income at that time. The property was situated on less than X hectares of land. STL have provided supporting information that the administration of the estate was delayed due to personal sensitivities between MM 20XX and MM 20XX. On DD MM 20XX, the property was sold in a public auction. On DD MM 20XX, the property was settled.
Income Tax Assessment Act 1997 section 118-195