Private ruling: The Commissioner's discretion to extend the two year time limit to dispose of a dwelling
Date of advice: 16 October 2020
Published: November 2020
Ruling period: Year ending 30 June 2020
Date scheme commenced: 1 July 2019

Ruling: Q1: Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the 2-year period? | A1: 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

Relevant facts and circumstances: The deceased passed away. Probate was granted. The property was the deceased main residence for the entire ownership period. The property was never used for income producing purposes. The property was listed for sale. The sale of the property was finalised.

Relevant legislative provisions: Income Tax Assessment Act 1997 section118-147 | Income Tax Assessment Act 1997 section 118-195