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Edited version of private advice
Authorisation Number: 1051798265858
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 located. (The dwelling).
The deceased passed away in 20xx. (The deceased).
The dwelling had been the deceased's main residence prior to passing away.
A grant of probate was issued in 20xx.
A legal dispute arose in relation to the will of the deceased and the grant of probate.
The grant of probate was revoked in 20xx.
An administrator was appointed in 20xx to facilitate the sale of the dwelling.
The dwelling remained vacant.
The dwelling was placed on the market and a contract for the sale was entered into on xx xx 20xx.
Settlement occurred.
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)