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Edited version of private advice
Authorisation Number: 1051650218413
Date of advice: 26 March 2020
Ruling
Subject: Capital gains tax - two year discretion
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 20XX
The scheme commences on
1 July 20XX
Relevant facts
The deceased acquired a dwelling (the dwelling).
The deceased passed away in 20XX.
The dwelling was the deceased's main residence.
The deceased named a number of executors, one passed away without administering the estate.
The remaining executor suffered from a number of health complications which caused delays in administering the estate.
The original agent engaged to sell the dwelling was ineffective and the executor made the decision to engage another real estate to sell the dwelling. This caused some delays.
The dwelling was prepared for sale.
A contract was entered into in 20XX.
Settlement occurred in 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 subsection 118-130(3)
Income Tax Assessment Act 1997 section 118-195
Income Tax Assessment Act 1997 subsection 118-195(1)