Private ruling: Commissioner's discretion to extend the 2 year period
Date of advice: 4 December 2019
Published: February 2020
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to DD/MM/YYY 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 this discretion can be found by searching 'QC 52250' on ato.gov.au

Relevant facts and circumstances: The deceased acquired a lease for a dwelling in late 20XX. The deceased used the dwelling as his/her main residence until his/her death in early 20XX. The dwelling was ready for sale in 20XX. The property was continually listed for sale from 20XX. X were entered into but did not result in a disposal of the dwelling. The property was sold and settled in early 20XX. The property was never used to produce assessable income.



Relevant legislative provision: Income Tax Assessment Act 1997 Section 118-195