Private ruling: Capital gains tax
Date of advice: 17 October 2018
Published: December 2018
Ruling period: Year ending 30 June 20XX | Year ending 30 June 20XX | Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time 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 Subsection 118-120(3) of the ITAA 1997 specifies the maximum area of land that is covered by the main residence exemption (including the area under the dwelling) must not exceed two hectares.

Relevant facts and circumstances: The deceased passed away. The property was more than two hectares in size. Executor of the will was appointed and probate was granted. Due to unforeseen circumstances sale of the property was delayed. Property was sold and settlement took place.

Relevant legislative provisions: Income Tax Assessment Act 1997 subsection 118-120(3) | Income Tax Assessment Act 1997 subsection 118-195