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Edited version of your written advice
Authorisation Number: 1051490153297
Date of advice: 2 March 2019
Ruling
Subject: Extension of time to dispose of an asset
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 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 2019
The scheme commences on:
13 August 2013
Relevant facts and circumstances
The deceased acquired 50% interest in and lived at the property from acquisition prior to September 1985 to the date of her death. She acquired another 50% interest on the passing of her husband.
The deceased transferred a 50% interest to her relative prior to passing.
Circumstances beyond the Executor’s control prevented them from disposing of the property within two years.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195