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Edited version of your written advice
Authorisation Number: 1051454654679
Date of advice: 20 November 2018
Ruling
Subject: Commissioners discretion to allow an extension of time to dispose of property
Question
Will the Commissioner allow an extension of time to XX July 20XX for you to dispose of your ownership interest in the dwelling and disregard the capital gain you make on the disposal?
Answer
Yes.
Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information about this discretion can be found by searching 'QC 52250' on ato.gov.au
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased acquired a dwelling (the dwelling).
The deceased passed away in 20XX (the deceased).
The dwelling was the deceased’s main residence.
The property was acquired in the 19XX’s.
The property is less than 2 hectares.
The dwelling was not used to produce income.
The dwelling was occupied by your sibling (‘X’) prior to the deceased’s death.
The deceased’s will provided a right to reside in the dwelling for ‘X’.
‘X’ decided they no longer wished to reside in the dwelling.
A contract of sale was signed in mth/20XX.
Final settlement occurred in mth/20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 subsection 118-130(3)
Income Tax Assessment Act 1997 section 118-195
Income Tax Assessment Act 1997 subsection 118-195(1)
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