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Edited version of your written advice
Authorisation Number: 1051509932964
Date of advice: 29 April 2019
Ruling
Subject: Commissioner’s discretion to extend the two year period in which to dispose a dwelling
Question
Will the Commissioner allow an extension of time to XX /XX/20XX for you to dispose of your ownership interest in the dwelling and disregard the capital gain or loss you make on 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 died on XX/XX/20XX.
The deceased owned a property at XXXX.
The deceased acquired this property on XX/XX/20XX.
The property was the deceased’s main residence.
The property was not more than 2 hectares.
The property was sold on XX/XX/20XX.
You have advised that the delay in selling the property was caused by the following:
● The deceased handled the accounting and taxation matters of their family, they died unexpectedly, and given their role within the family it took a substantial amount of time for the family to gather the information necessary to bring their financial affairs to order and to gain an understanding of what steps were to be taken to attend to the windup of their affairs.
● Shortly after the deceased died, one of their parents died. During this period, the other parent was recovering from cancer. The siblings were experiencing emotional shock from the deaths of their sibling and parent which prevented action being undertaken.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 section 118-195
Income Tax Assessment Act 1997 subsection 118-195(1)