Private ruling: Capital gains tax - two year discretion
Date of advice: 26 March 2020
Published: May 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 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)


Relevant facts: The deceased acquired a dwelling (the dwelling). | The deceased passed away in 20XX. | The dwelling was the deceased's main residence. | The deceased named a number of executors, one passed away without administering the estate. | The remaining executor suffered from a number of health complications which caused delays in administering the estate. | The original agent engaged to sell the dwelling was ineffective and the executor made the decision to engage another real estate to sell the dwelling. This caused some delays. | The dwelling was prepared for sale. | A contract was entered into in 20XX. | Settlement occurred in 20XX.