Private ruling: Commissioner’s discretion to extend the two year period.
Date of advice: 23 May 2019
Published: July 2019
Ruling period: Year ending 30 June 2018
Date scheme commenced: 1 July 2017

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: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. The deceased passed away The deceased had acquired the property after 20 September 1985. The property was their main residence at time of death and not being used to produce income. Following the deceased’s death, the property was rented out for a period of time. Probate was delayed. The date of sale was not until two years after the date of death.

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