| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051925239355
Date of advice: 23 November 2021
Ruling
Subject: Commissioner's discretion to extend two year period
Question
Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the dwelling located 'X' 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. 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 20XX.
The scheme commences on
1 July 20XX.
Relevant facts and circumstances
The deceased acquired dwelling (the dwelling).
The deceased passed away in 20XX. (The deceased)
The executor renounced the role recently.
You applied for probate and it was granted a short time ago.
The renouncing of the role of executor caused some delays in selling the dwelling.
Title to the dwelling was transferred to you recently.
Covid restrictions have impacted your ability to prepare the dwelling for sale.
You have recently entered into a contract for the sale of the dwelling and settlement is scheduled for on or before XX Month 20XX.
Assumption
Settlement for the sale of the dwelling will occur on or before XX Month 20XX.