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Edited version of private advice
Authorisation Number: 1051595187833
Date of advice: 17 October 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 ended 30 June 2019
The scheme commences on:
1 July 2018
Relevant facts and circumstances
The deceased passed away on XX March 20XX.
The deceased left a property in their estate.
The deceased had acquired the property after 20 September 1985. The property was their main residence at time of death and it was not used to produce assessable income.
The deceased used the property as their main residence for the entire ownership period.
Probate was not granted until XX July 20XX due to administration issues.
The date of sale was XX January 20XX
The date of settlement was XX February 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)