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This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law.

You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4.

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