Private ruling: Extension of time to the two year period to dispose of the property?
Date of advice: 7 March 2019
Published: June 2019
Ruling period: Year ending 2019
Date scheme commenced: 21 July 2015

Ruling: Q1: Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 and allow an extension of time to the two year period to dispose of the property? | 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 passed away on XX. You were appointed sole executor of the estate. The deceased purchased the property before 20 September 1985 and it was their main residence until date of death. Your personal circumstances prevented you from dealing with the estate. The property was left vacant until you sold it.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-195