Private ruling: The Commissioner’s discretion to extend the two year time limit to dispose of a dwelling
Date of advice: 24 October 2018
Published: January 2019
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 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 legislative provisions: Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 subsection 118-130(3) | Income Tax Assessment Act 1997 section 118-195 | Income Tax Assessment Act 1997 subsection 118-195(1)


Relevant facts: The deceased acquired a dwelling (The dwelling) | The deceased passed away in 20XX (The deceased) | The dwelling was the deceased’s main residence. | The title was transferred to the beneficiaries in 20XX. | The dwelling was not used to produce assessable income. | The dwelling required some repairs prior to sale. | You developed a medical condition which restricted your ability to carry out these tasks as quickly as you would have anticipated. | The dwelling was placed on the market for sale. | A contract for sale was entered into in 20XX. | Settlement occurred in 20XX (two years after the deceased passed away).