Private ruling: CGT - two year extension
Date of advice: 21 January 2020
Published: March 2020
Ruling period: Year ending 30 June 2020
Date scheme commenced: 1 July 2019

Ruling: Q1: Will the Commissioner allow an extension of time to X XXXX 20XX for you to dispose of your ownership interest in the dwelling and disregard the capital gain or loss 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 facts and circumstances: The Property was the main residence of the deceased prior to their death late 20XX. The Property was acquired by the deceased after 19 September 1985. The Property has not been used to produce income. The Will of the deceased provided the right to residence in The Property to one of their children. The Property was the main residence of the life tenant until their death early 20XX. The Property was subsequently listed for sale mid 20XX. A contract of sale was signed late 20XX and settled late 20XX.

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 118-195(1)