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Edited version of your written advice
Authorisation Number: 1051521108742
Date of advice: 23 May 2019
Ruling
Subject: Commissioner’s discretion to extend the two year period.
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 2018
The scheme commences on:
1 July 2017
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 passed away
The deceased had acquired the property after 20 September 1985. The property was their main residence at time of death and not being used to produce income.
Following the deceased’s death, the property was rented out for a period of time.
Probate was delayed.
The date of sale was not until two years after the date of death.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)