Private ruling: Income tax - capital gains tax - Commissioner's discretion to extend the two year period
Date of advice: 28 January 2021
Published: March 2021
Ruling period: Year ended 30 June 2020 | Year ending 30 June 2021
Date scheme commenced: 1 July 2019

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 passed away on xx xxx xxxx. The deceased owned property. The property was the deceased's main residence at time of death. The property was less than two hectares. The dwelling was not used for income producing purposes. The dwelling was sold by the estate more than two years after the death of the deceased due to the right to occupy the property granted to the spouse under the terms of the deceased's will.

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