Private ruling: Commissioner's discretion to extend the two year period
Date of advice: 12 February 2020
Published: March 2020
Ruling period: Year ended 30 June 2018
Date scheme commenced: 1 July 2017

Ruling: Q1: Will the Commissioner allow an extension of time to DD/MM/YYYY 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 the Commissioner's discretion can be found by searching 'QC 52247' on ato.gov.au

Relevant facts and circumstances: Your parent (the deceased) passed away on DD/MM/YYYY. The deceased's Will left an ownership interest in a dwelling (the property) to you and your sibling in equal shares. The property was the deceased's main residence at time of their passing. Your sibling occupied the property as their main residence from the time it was originally purchased and had lived with your parent caring for them up until their passing. Your sibling moved to an aged care facility on DD/MM/YYYY as they were no longer able to live independently due to a medical condition. As your parents and sibling had lived in the property for an extended period of time there were a lot of possessions and memories to sort through. You were working full-time and supporting/visiting your sibling so you had limited time to prepare the property for sale. During this process you also suffered your own health issues. The property was placed on the market and sold with settlement occurring on DD/MM/YYYY. The property was never used for income producing purposes.

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