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Edited version of private advice
Authorisation Number: 1051791906472
Date of advice: 18 December 2020
Ruling
Subject: 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 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased died intestate.
The deceased owned a property.
The deceased lived at the property as their main residence.
The property has never been used to produce assessable income.
There has been a dispute between the beneficiaries of the estate over the assets of the estate which has delayed the disposal of the property by the estate.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195