Private ruling: Commissioner's discretion to allow more time to dispose of a dwelling
Date of advice: 15 December 2021
Published: March 2022
Ruling period: Year ended 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: The deceased passed away on xx/xx/20xx. The deceased acquired the dwelling prior to 20 September 1985. The property on which the dwelling is located is less than two hectares. The deceased moved into aged care on xx/xx/20xx. While in aged care, the deceased elected to treat the dwelling as their main residence. Circumstances outside of your control delayed disposal of the dwelling within two years from the date of the deceased's death. Settlement of the dwelling occurred on xx/xx/20xx

Relevant legislative provisions: Income Tax Assessment Act 1997 subsection 118-145(1) | Income Tax Assessment Act 1997 subsection 118-145(2) | Income Tax Assessment Act 1997 subsection 118-195(1)