Private ruling: Commissioners discretion to allow an extension of time to dispose of property
Date of advice: 20 November 2018
Published: February 2019
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to XX July 20XX 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 acquired a dwelling (the dwelling). The deceased passed away in 20XX (the deceased). The dwelling was the deceased’s main residence. The property was acquired in the 19XX’s. The property is less than 2 hectares. The dwelling was not used to produce income. The dwelling was occupied by your sibling (‘X’) prior to the deceased’s death. The deceased’s will provided a right to reside in the dwelling for ‘X’. ‘X’ decided they no longer wished to reside in the dwelling. A contract of sale was signed in mth/20XX. Final settlement occurred in mth/20XX.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 subsection 118-130(3) | Income Tax Assessment Act 1997 section 118-195 | Income Tax Assessment Act 1997 subsection 118-195(1)