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Edited version of private advice
Authorisation Number: 1051899420084
Date of advice: 22 September 2021
Ruling
Subject: Commissioner's discretion to allow more time 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 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 66057' on ato.gov.au
This ruling applies for the following period:
Year ending 30 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
Deceased purchased a property at x.
The property was the deceased's main residence and was not used for income producing purposes.
A major contributor to the delay in the executors selling the property was because the executors were unable to attend the property while COVID-19 travel restrictions were in place.
The property was sold with settlement occurring X months after the expiry of the 2-year period for disposing of a deceased's main residence.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)