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Edited version of private advice
Authorisation Number: 1051848602421
Date of advice: 9 June 2021
Ruling
Subject: Inherited dwelling - Commissioner's discretion
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 or loss you made on the disposal?
Answer
Yes.
Having considered your circumstances and the relevant factors the Commissioner will allow an extension of time. Further information about the Commissioner's 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 purchased a property in 19XX.
The deceased passed away.
The property was the deceased's main residence until their passing.
The deceased left a will naming you as the executor and sole heir.
The property was transferred into your ownership as per the will.
The property sat vacant from when the deceased passed to the sale of the property.
Due to COVID-19 pandemic and travel restrictions you were unable to attend to the property for a period of time.
The property was listed with a real estate agent and the property was sold a X months after the 2-year period expired.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)