Private ruling: Commissioner's discretion to extend the two year period
Date of advice: 24 June 2020
Published: August 2020
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

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 facts and circumstances: The deceased passed away leaving a Will dated some years prior. The will appointed their sole child as Executor and beneficiary. The Executor died intestate at a later date leaving no known living relatives. The Public Trustee & Guardian (PTG) obtained a grant of Letter of Administration from the ACT Supreme Court. The deceased was the sole owner of a property. The property was the deceased's main residence at time of death. The executor resided at the property from the time of the deceased's death until they too died. PTG discovered the property was still registered in the name of the deceased and pre deceased spouse as joint tenants. As the Executor had never obtained probate of the deceased's Will, PTG obtained a grant of Letters of Administration with Will Annexed to enable PTG to finalise the administration of the estate of the deceased. The ACT Supreme Court granted PTG Letters of Administration for the estate of the deceased Due to the complexity of the estate relating to the inheritance of the property PTG sold the property following an orderly marketing with an exchange of contracts on xx xxx xxxx and final settlement occurred on xx xxx xxxx.

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