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Edited version of private advice
Authorisation Number: 1051952080833
Date of advice: 17 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 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.
This ruling applies for the following period
Year ended 30 June 2022.
The scheme commences on
1 July 2021.
Relevant facts
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.
Settlement occurred after a period of time.
One of the executors resides in another state and the COVID-19 travel restrictions have caused delays in preparing the dwelling for sale.