Private ruling: Income tax - capital gains tax - Commissioner's discretion to extend the two year period
Date of advice: 2 June 2020
Published: July 2020
Ruling period: Year ended 30 June 2017
Date scheme commenced: 1 July 2015

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. The deceased owned property. The property was the deceased's main residence at time of death. The will was challenged by three of the beneficiaries nominated in the Will As a result the will was referred to the Supreme Court to resolve the dispute. Probate was granted on xx xxx xxxx. Due to the health needs of the fourth sibling and primary beneficiary under the estate a delay occurred in placing the property on the market. A contract of sale for the property was signed on xx xxx xxxx with settlement occurring on xx xxx xxxx.

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