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Edited version of your written advice
Authorisation Number: 1051512943782
Date of advice: 02 May 2019
Ruling
Subject: Commissioner’s discretion to extend the two year time limit to dispose of a dwelling.
Question
Will the Commissioner exercise the discretion under section 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time to the two year period?
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:
1 July 20XX to 30 June 20XX
The scheme commences on:
XX August 20XX
Relevant facts and circumstances
This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
The deceased owned a dwelling that was their main residence during their entire ownership period.
The dwelling was not used for income producing purposes.
The dwelling is on less than two hectares of land.
Under the deceased’s will, Person A was permitted to reside at the dwelling and on Person A’s passing, the dwelling was to be sold.
The proceeds from the sale were to be included in the residuary estate and divided equally between the beneficiaries.
Person A died a number of years after the deceased, and resided at the dwelling until their death.
Shortly after Person A’s death, the dwelling was sold and settlement occurred within a few months.
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 118-195
Income Tax Assessment Act 1997 section 104-10