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Edited version of private advice
Authorisation Number: 1051951396565
Date of advice: 16 February 2022
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 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.
This ruling applies for the following period
Year ended 30 June 2022.
The scheme commences on
1 July 2021.
The deceased acquired a dwelling. (The dwelling).
The deceased passed away in 20xx. (The deceased)
The dwelling is located on land less than 2 hectares in size.
You have attempted to organise family members to attend the dwelling to organise personal possessions and prepare the dwelling for sale.
COVID-19 has affected your ability to facilitate this due to travel restrictions and other lockdowns. You were at times only permitted to have 1 person in the dwelling at a time and this caused delays in removing bulky items.
You were able to prepare the dwelling for sale and engaged a preferred real estate to sell the dwelling.
You arranged a number of meetings with the real estate agent in xx 20xx and yy 20xx. You signed a contract for the engagement of the real estate agent a short time later.
You arranged to attend conveyancers office to sign the necessary paperwork to complete the sale. Unfortunately a lockdown was enforced during this period which caused some delays.
The dwelling was listed for sale by auction, these were being conducted virtually and you experienced some delays in obtaining a day to have the auction due to a backlog of auctions. You tried to get the dwelling listed for auction on xx 20xx and yy 20xx however these dates were not available. You obtained a date a short time later and the dwelling sold.
Settlement occurred after a period of time.