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Edited version of private advice
Authorisation Number: 1051900613271
Date of advice: 21 September 2021
Ruling
Subject: Commissioners discretion to extend 2 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 is able to apply his discretion for up to two hectares of land with your dwelling under subsection 118-195(1) of the ITAA 1997 and allow an extension of time.
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 (the dwelling).
The deceased passed away. (The deceased)
The dwelling is located on land that is less than two hectares.
The dwelling was the deceased's main residence.
The dwelling was occupied by the deceased's child, (child A) who was granted a right to reside in the dwelling under the terms of the will of the deceased.
Child A continued to occupy the dwelling as their main residence.
Child A passed away in 20xx.
The dwelling was not used to produce assessable income.
Settlement occurred after a period of time.
Relevant legislative provisions
Income Tax Assessment Act 1997 subdivision 115-A
Income Tax Assessment Act 1997 section 102-20
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 section 118-120
Income Tax Assessment Act 1997 section 118-130
Income Tax Assessment Act 1997 section 118-195