Private ruling: The Commissioner’s discretion to extend the two year time limit to dispose of a dwelling
Date of advice: 13 November 2018
Published: March 2019
Ruling period: Year ended 30 June 2016
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 acquired a dwelling (the dwelling). The deceased passed away 2013 (The deceased). The dwelling was the deceased’s main residence. The deceased’s Will was challenged in the Supreme Court. The Supreme Court granted letters of administration to the administrator in 2016. The dwelling was placed on the market for sale in 2016. Settlement occurred on the same year the administrator was appointed by the Supreme Court 2016.

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)