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Edited version of your written advice
Authorisation Number: 1051439069416
Date of advice: 17 October 2018
Ruling
Subject: Capital gains tax
Question
Will the Commissioner allow an extension of time to dispose of your ownership interest in the dwelling and disregard the capital gain or loss 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
Subsection 118-120(3) of the ITAA 1997 specifies the maximum area of land that is covered by the main residence exemption (including the area under the dwelling) must not exceed two hectares.
This ruling applies for the following periods:
Year ending 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away.
The property was more than two hectares in size.
Executor of the will was appointed and probate was granted.
Due to unforeseen circumstances sale of the property was delayed.
Property was sold and settlement took place.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-120(3)
Income Tax Assessment Act 1997 subsection 118-195