Private ruling: Capital gains- two year discretion
Date of advice: 5 November 2019
Published: January 2020
Ruling period: Year ended 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Will the Commissioner allow an extension of time to 30 June 2019 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 on XX/XX/XXXX The main residence was X. The property was jointly owned with X, who has also since passed. The grant of probate was delayed due to court proceedings concerning assets of the estate and the validity of the will. Probate was granted on XX/XX/XXXX. There was a further delay in selling the property due to the executor having to co-ordinate the sale with the executors of the estate. A contract of sale for the property was entered in on XX/XX/XXXX. Settlement of the property occurred on XX/XX/XXXX.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-195.