Private ruling: Commissioner's discretion to extend the two year time limit to dispose of a dwelling
Date of advice: 30 October 2020
Published: December 2020
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 had been the deceased's main residence prior to passing away. | The dwelling passed to you under the terms of the deceased's will. | The Coroner was required to investigate the death of the deceased and this caused some delays with a death certificate being issued in 20xx. | One of the beneficiaries was diagnosed with a medical condition which affected their ability to attend to the sale of the dwelling. | The beneficiaries undertook some repairs in preparation for the sale and during this process asbestos was discovered in the dwelling. This caused some delays as the repairs required were more involved than originally anticipated. | A real estate was engaged to sell the dwelling in 20xx. | A contract for the sale was signed a short time later in 20xx. | Settlement took place after a period of time.