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Edited version of private advice
Authorisation Number: 1051918302701
Date of advice: 17 November 2021
Ruling
Subject: Capital gains tax
Question
Will the Commissioner exercise his discretion under section 118-195 of the Income Tax Assessment Act 1997 to extend the two-year period to dispose of the dwelling?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will extend the two-year period to dispose of the dwelling to the relevant date. Further information about this discretion can be found by searching 'QC 66057' on ato.gov.au
This ruling applies for the following period:
Year ended 30 June 2021
The scheme commences on:
1 July 2020
Relevant facts and circumstances
The deceased passed away several years ago.
The property was purchased a few decades ago by the deceased.
The property was the deceased's main residence for the whole of his ownership period.
The property was never used to produce income.
The property was less than 2 hectares in size.
Probate was granted several months after the deceased passed away.
The property was placed on the market a few months later and took longer than the 2 year time period to sell due to the location, small population and the market at the time.
Everything was done to sell the property within the 2 year time period.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195