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Edited version of private advice
Authorisation Number: 1051779984147
Date of advice: 12 November 2020
Ruling
Subject: Commissioner's discretion to extend the two year time limit to dispose of a dwelling
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 deceased)
The dwelling had been the deceased's main residence prior to passing away.
A dispute arose between the beneficiaries as to whether the deceased left a will.
A caveat was placed on the title of the dwelling which prevented the dwelling being disposed.
Legal proceedings were commenced and as a result you were appointed as administrator of the estate.
The legal proceedings caused delays and were ultimately settled by a deed of agreement in 20xx.
Probate was granted in 20xx.
The dwelling was prepared for sale which took longer than anticipated as the deceased had accumulated a significant amount of personal possessions.
The effects of COVID 19 also caused some delays in selling the dwelling.
A contract for sale was signed as a result of an auction.
Settlement will take place 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)