Private ruling: Commissioner's discretion - extend the two year period to disregard the capital gain made on the disposal of a dwelling - dwelling acquired from a deceased estate.
Date of advice: 13 February 2020
Published: April 2020
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time until DD/MM/YYYY 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 an ownership interest in a dwelling before 20 September 1985. The deceased's Will granted person A the right to occupy the dwelling for their lifetime. In late 20XX, Person A moved into a nursing home and the dwelling was placed on the market and was disposed of soon after. You made a capital gain on the disposal of your ownership interest in the dwelling.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 section 118-195 | Income Tax Assessment Act 1997 subsection 118-195(1)


Subject: Commissioner's discretion - extend the two year period to disregard the capital gain made on the disposal of a dwelling - dwelling acquired from a deceased estate.: This ruling applies to the beneficiaries of the trust and to the trustee and to any future trustees, for as long as the ruling remains current.