Private ruling: Commissioners discretion to extend 2 year period
Date of advice: 21 September 2021
Published: December 2021
Ruling period: Year ended 30 June 2021.
Date scheme commenced: 1 July 2020.

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 two hectares of land with your dwelling under subsection 118-195(1) of the ITAA 1997 and allow an extension of time.


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 deceased passed away. (The deceased) | The dwelling is located on land that is less than two hectares. | The dwelling was the deceased's main residence. | The dwelling was occupied by the deceased's child, (child A) who was granted a right to reside in the dwelling under the terms of the will of the deceased. | Child A continued to occupy the dwelling as their main residence. | Child A passed away in 20xx. | The dwelling was not used to produce assessable income. | Settlement occurred after a period of time.