Private ruling: Commissioner's discretion - inherited dwelling
Date of advice: 8 October 2021
Published: December 2021
Ruling period: Year ended 30 June 20XX | Year ending 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 or loss you made on the disposal? | A1: Yes. Having considered your circumstances and the relevant factors the Commissioner will allow an extension of time. Further information about the Commissioner's discretion can be found by searching 'QC 66057' on ato.gov.au

Relevant facts and circumstances: Deceased purchased a property at XXX. The property was the deceased's main residence and was never used for income producing purposes. The sale of the property was delayed because family members were unable to attend the property to deal with the personal effects of the deceased while COVID-19 travel restrictions were in place. The property was sold with settlement occurring less than 2 months after the expiry of the 2-year period for disposing of a deceased's main residence.

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