Private ruling: The Commissioner’s discretion to extend the two year time limit to dispose of a dwelling
Date of advice: 25 January 2019
Published: May 2019
Ruling period: Year ended 30 June 2018.
Date scheme commenced: 1 July 2017.

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 will 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 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)


Relevant facts: The deceased acquired a dwelling prior to 20 September 1985 (the dwelling). | The deceased passed away in 20XX. | The dwelling had been the deceased’s main residence prior to passing away. | The dwelling has not been used to produce income. | The deceased’s will, appointed two of their children, ‘A’ and ‘B’ as executors. | Probate was applied for in 20XX and a grant of probate was issued a short time later. | ‘B’ suffers from a diagnosed medical condition which caused some delays in attending to the sale of the dwelling. | The dwelling was prepared for sale and listed for sale by auction on dd mm yyyy. | The dwelling did not sell at auction; however an offer was accepted on dd mm yyyy. | Settlement took place on dd mm yyyy.