Private ruling: The Commissioner’s discretion to extend the two year time limit to dispose of a dwelling
Date of advice: 19 November 2018
Published: March 2019
Ruling period: Year ended 30 June 2019
Date scheme commenced: 1 July 2018

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 facts and circumstances: The deceased acquired a dwelling (the dwelling). The deceased passed away some time ago. The dwelling was the deceased’s main residence. The deceased’s Will, gave their child (Person A) a right to reside in the dwelling. Person A passed away in 2018 and had used the dwelling as their main residence. The dwelling was placed on the market for sale. A contract for sale was entered into in 2018 and settlement occurred shortly after .

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)