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Edited version of private advice
Authorisation Number: 1051931140247
Date of advice: 13 December 2021
Ruling
Subject: Main residence
Question
Will the Commissioner allow an extension of time to settlement for you to dispose of your ownership interest in the dwelling and disregard the capital gain you make on the disposal?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information about this discretion can be found by searching 'QC 52250' 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 property was acquired by your first parent post 20 September 1985 and was the main residence of both your parents from then.
Your first parent died about a year after the purchase and left the property to you, however your second parent was given a right in the first parent's will to use and enjoy the property until they ceased to occupy the property as their principal place of residence.
Your second parent maintained the property as their main residence until their death in the 20XX income year.
The property was never used to produce assessable income.
The property was sold approximately 3 months after your second parent's death.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-195