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Edited version of private advice
Authorisation Number: 1051846185069
Date of advice: 3 June 2021
Ruling
Subject: Commissioner's discretion to extend the two-year time limit to dispose of a house
Question
Will the Commissioner allow an extension of time to early 20XX for you to dispose of your ownership interest in the house 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 passed away in 20XX.
You inherited the deceased's house.
The house was the deceased's main residence at time of their death and was not being rented.
The deceased had multiple wills causing delays in the estate settlement.
You obtained the title to the house and promptly listed it for sale in late 20XX.
The house settled in early 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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