Private ruling: The Commissioner’s discretion to extend the two year time limit to dispose of a dwelling
Date of advice: 21 September 2018
Published: November 2018
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to 20XX for you to dispose of your ownership interest in the dwelling and disregard the capital gain or loss 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 purchased the Property on a date after 20 September 1985. The Deceased passed in 20XX. The Property was their main residence just before their death. The Executor was appointed as Executor under the Deceased’s Will. One of the beneficiaries was unable to attend to the execution of the Will owing to a diagnosed medical condition. The property was sold under a contract which settled in 20XX.

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