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Edited version of private advice
Authorisation Number: 1051706172551
Date of advice: 29 June 2020
Ruling
Subject: Commissioner's discretion
Question
Will the Commissioner allow an extension of time to XX/XX/XXXX 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.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased acquired the dwelling after 25 September 1985 and it was their main residence until their passing on XX/XX/XXXX.
Probate was granted on XX/XX/XXXX with the deceased's children being appointed executors.
There was a dispute between the executors which resulted in a delay in placing the dwelling on the market, however they eventually agreed to sell.
The dwelling required repairs before being placed on the market, which the executors had to pay for or conduct personally.
The dwelling was placed on the market on XX/XX/XXXX with settlement occurring on XX/XX/XXXX, just outside the two year period.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195