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Edited version of private advice
Authorisation Number: 1051926325085
Date of advice: 3 December 2021
Ruling
Subject: Commissioner's 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 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
Year ended 30 June 20XX
The scheme commences on
1 July 20XX
Relevant facts and circumstances
The deceased acquired a dwelling located (the dwelling).
The deceased passed away in 20xx. (The deceased)
The dwelling was used to produce assessable income for a period of time after the passing of the deceased.
The rental period was for a set period of time.
The tenant was unable to be evicted due to COVID legislation.
The legislation was changed this year.
You prepared the dwelling for sale once the tenant had vacated the premises.
Settlement took place a short time later.
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