Private ruling: The Commissioner's discretion to extend the two year time limit to dispose of a dwelling
Date of advice: 4 March 2020
Published: April 2020
Ruling period: Year ending June 2020
Date scheme commenced: 1 July 2019

Ruling: Q1: Will the Commissioner allow an extension of time to XX/XX/2019 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 owned a property which they used as their main residence until their death. The property was the main residence of the deceased, the property was never rented out and it did not produce any assessable income. Dispute arose between the appointed executor and beneficiaries. The Will was contested and final probate was granted on xx/xx/xxxx. A contract of sale was entered into on xx/xx/xxxx and settlement occurred on xx/xx/xxxx. Settlement occurred 11 months after probate was granted.

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