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Edited version of private advice
Authorisation Number: 1051797511351
Date of advice: 22 January 2021
Ruling
Subject: The 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 2021
The scheme commences on
1 July 2020
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 in relation to the Will of the deceased.
A claim for further provision from the estate was also lodged.
The sole executor renounced the role in 20xx.
An application was made in 20xx to have an administrator appointed to complete the sale of the dwelling.
Title to the dwelling was transferred to the administrator after a period of time to facilitate the sale.
Ongoing negotiations with the beneficiaries caused some delays in finalising the sale.
The dwelling was placed on the market and sold at auction on xx xx 20xx
Settlement occurred a short time later.
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)