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Edited version of private advice
Authorisation Number: 1051800379572
Date of advice: 28 January 2021
Ruling
Subject: Income tax - 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 ended 30 June 2020
Year ending 30 June 2021
The scheme commences on:
1 July 2019
Relevant facts and circumstances
The deceased passed away on xx xxx xxxx.
The deceased owned property. The property was the deceased's main residence at time of death.
The property was less than two hectares. The dwelling was not used for income producing purposes.
The dwelling was sold by the estate more than two years after the death of the deceased due to the right to occupy the property granted to the spouse under the terms of the deceased's will.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)