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?
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 2025 The scheme commenced on: 1 July 2024
The deceased passed away on DD MM YYYY. The deceased lived in the property as their main residence for the whole of their ownership period. The deceased had an ownership interest in the property. The remaining percentage was owned by Individual Z, as co-owner who did not reside at the property. The property was never used to produce assessable income before or after the deceased passed away. The property was less than 2 hectares in size. The delay in selling the property within the legislated 2-year time was due to ongoing and complicated sensitive issues. In YYYY legal advice was sought. In MM YYYY probate was granted. A contract for sale was signed DD MM YYYY. The property was settled on DD MM YYYY.
Income Tax Assessment Act 1997 section 118-110 Income Tax Assessment Act 1997 section 118-195