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Edited version of private advice
Authorisation Number: 1051805117010
Date of advice: 15 February 2021
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 ended 30 June 20XX
The scheme commences on:
1 July 20XX
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 XX hectares. The dwelling was not used for income producing purposes.
The dwelling was sold by the estate a short time after the two years after the death of the deceased due to a short delay in settlement of the sales contract.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)