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Edited version of private advice
Authorisation Number: 1051933216104
Date of advice: 15 December 2021
Ruling
Subject: Commissioner's discretion to allow more time to dispose of a dwelling
Question
Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the dwelling and disregard the capital gain or loss you made on the disposal?
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 deceased passed away on xx/xx/20xx.
The deceased acquired the dwelling prior to 20 September 1985.
The property on which the dwelling is located is less than two hectares.
The deceased moved into aged care on xx/xx/20xx.
While in aged care, the deceased elected to treat the dwelling as their main residence.
Circumstances outside of your control delayed disposal of the dwelling within two years from the date of the deceased's death.
Settlement of the dwelling occurred on xx/xx/20xx
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-145(1)
Income Tax Assessment Act 1997 subsection 118-145(2)
Income Tax Assessment Act 1997 subsection 118-195(1)