Private ruling: Main residence
Date of advice: 13 December 2021
Published: March 2022
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to settlement 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 facts and circumstances: The property was acquired by your first parent post 20 September 1985 and was the main residence of both your parents from then. Your first parent died about a year after the purchase and left the property to you, however your second parent was given a right in the first parent's will to use and enjoy the property until they ceased to occupy the property as their principal place of residence. Your second parent maintained the property as their main residence until their death in the 20XX income year. The property was never used to produce assessable income. The property was sold approximately 3 months after your second parent's death.

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