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Edited version of private advice
Authorisation Number: 1051905049313
Date of advice: 8 October 2021
Ruling
Subject: Commissioner's discretion - inherited 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 periods:
Year ended 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
Deceased purchased a property at XXX.
The property was the deceased's main residence and was never used for income producing purposes.
The sale of the property was delayed because family members were unable to attend the property to deal with the personal effects of the deceased while COVID-19 travel restrictions were in place.
The property was sold with settlement occurring less than 2 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)