Private ruling: Commissioner's discretion to extend the two year time limit to dispose of a dwelling
Date of advice: 18 May 2021
Published: July 2021
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: 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? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner is able to apply his discretion for up to XX 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 52250' on ato.gov.au


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


Relevant Facts: The deceased) acquired a dwelling (the dwelling). | The dwelling is located on land that is less than XX hectares. | The dwelling was the deceased's main residence when they passed away in 20XX. | The family's religion required that they observe a period of grieving during which various religious and commemorative events took place. | COVID-19 has impacted on your ability to prepare the dwelling for sale as you encountered difficulties in undertaking necessary repairs to the dwelling. | The dwelling was placed on the market and sold at auction in 20XX. | Settlement will occur in 20XX.