Private ruling: Commissioner’s discretion to extend the two year period
Date of advice: 18 May 2019
Published: July 2019
Ruling period: Year ending 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Will the Commissioner allow an extension of time to x xx xxx 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 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. The deceased had acquired the property prior to 20 September 1985. The property was their main residence at time of death. The deceased used the property as their main residence for the entire ownership period. Probate was delayed. The date of sale was not until two years after the date of death.

Relevant legislative provisions: Income Tax Assessment Act 1997 subsection 118-195(1)