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Edited version of private advice
Authorisation Number: 1051768773376
Date of advice: 16 October 2020
Ruling
Subject: The Commissioner's discretion to extend the two year time limit to dispose of a dwelling
Question
Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the 2-year period?
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 ending 30 June 2020
The scheme commences on:
1 July 2019
Relevant facts and circumstances
The deceased passed away.
Probate was granted.
The property was the deceased main residence for the entire ownership period.
The property was never used for income producing purposes.
The property was listed for sale.
The sale of the property was finalised.
Relevant legislative provisions
Income Tax Assessment Act 1997 section118-147
Income Tax Assessment Act 1997 section 118-195
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