Private ruling: Commissioner's discretion to extend 2 year period
Date of advice: 3 December 2021
Published: March 2022
Ruling period: Year ended 30 June 20XX | Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time for you to dispose of your ownership interest in the dwelling located 'X' and disregard the capital gain you make on the disposal? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner is able to apply his discretion for up to two hectares of land with your dwelling under subsection 118-195(1) of the ITAA 1997 and allow an extension of time. Further information about this discretion can be found by searching 'QC 66057' on ato.gov.au

Relevant facts and circumstances: The deceased acquired a dwelling located (the dwelling). The deceased passed away in 20xx. (The deceased) The dwelling was used to produce assessable income for a period of time after the passing of the deceased. The rental period was for a set period of time. The tenant was unable to be evicted due to COVID legislation. The legislation was changed this year. You prepared the dwelling for sale once the tenant had vacated the premises. Settlement took place a short time later.

Relevant legislative provisions: Income Tax Assessment Act 1997 subdivision 115-A | Income Tax Assessment Act 1997 section 102-20 | Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 section 118-120 | Income Tax Assessment Act 1997 section 118-130 | Income Tax Assessment Act 1997 section 118-195