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Edited version of private advice
Authorisation Number: 1051917591302
Date of advice: 3 November 2021
Ruling
Subject: Commissioner's discretion - extension of time on sale of dwelling
Question
Will the Commissioner allow for an extension of the two-year rule under section 118-195 of the Income Tax Assessment Act 1997 on the sale of a property by the Administrator of the Estate?
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 ended 30 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
The sale of the deceased's main residence was delayed with the main cause being a legal dispute between the beneficiaries over the administration of the estate.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)