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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: 1051785753409

Date of advice: 30 November 2020

Ruling

Subject: Capital gains tax - Commissioner's discretion to extend the two year period

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 ending 30 June 2020

The scheme commences on:

1 July 2019

Relevant facts and circumstances

The deceased passed away on XX May 20XX.

The property was the deceased's main residence prior to their death.

The property was not used to produce assessable income.

Following the passing of the deceased, the property was held by the Public Trustee while the beneficiaries attempted to resolve a dispute between them in relation to the sale of the property.

The Public Trustee took action to sell the property as soon as the dispute was resolved and listed the property for sale in December 20XX.

The property was sold with contract of sale dated XX January 20XX and settlement occurring XX February 20XX.

Relevant legislative provisions

Income Tax Assessment Act 1997 subsection 118-195(1)