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Edited version of private advice
Authorisation Number: 1051616887229
Date of advice: 4 December 2019
Ruling
Subject: Commissioner's discretion to extend the 2 year period
Question
Will the Commissioner allow an extension of time to DD/MM/YYY for you to dispose of your ownership interest in the dwelling and disregard the capital gain or loss you made 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 20XX
The scheme commenced on
1 July 20XX
Relevant facts and circumstances
The deceased acquired a lease for a dwelling in late 20XX.
The deceased used the dwelling as his/her main residence until his/her death in early 20XX.
The dwelling was ready for sale in 20XX.
The property was continually listed for sale from 20XX.
X were entered into but did not result in a disposal of the dwelling.
The property was sold and settled in early 20XX.
The property was never used to produce assessable income.
Relevant legislative provision
Income Tax Assessment Act 1997 Section 118-195