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Edited version of private advice
Authorisation Number: 1051838960832
Date of advice: 18 May 2021
Ruling
Subject: Commissioner's discretion to extend the two year time limit to dispose of a dwelling
Question
Will the Commissioner allow an extension of time 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 is able to apply his discretion for up to XX hectares of land with your dwelling under subsection 118-195(1) of the ITAA 1997 and 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
The deceased) acquired a dwelling (the dwelling).
The dwelling is located on land that is less than XX hectares.
The dwelling was the deceased's main residence when they passed away in 20XX.
The family's religion required that they observe a period of grieving during which various religious and commemorative events took place.
COVID-19 has impacted on your ability to prepare the dwelling for sale as you encountered difficulties in undertaking necessary repairs to the dwelling.
The dwelling was placed on the market and sold at auction in 20XX.
Settlement will occur in 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 subdivision 115-A
Income Tax Assessment Act 1997 section 102-20
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 section 118-120
Income Tax Assessment Act 1997 section 118-130
Income Tax Assessment Act 1997 section 118-195
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