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Edited version of private advice
Authorisation Number: 1051611053230
Date of advice: 20 November 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 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.
Your parent passed away on XX October 20XX.
The deceased left a property in their estate.
The deceased had acquired the property prior to 20 September 1985. The property was their main residence at time of death.
The deceased used the property as their main residence for the entire ownership period and it was not used to produce assessable income.
Due to the age of the property the electrical wiring had to be brought up to standard prior to placing the property on the market for sale.
The initial contract for the sale of the property was delayed due to a delay in the finance approval.
The date of settlement of the property sale was XX December 20XX
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)