Private ruling: Commissioner's discretion to extend the two year time limit to dispose of a dwelling
Date of advice: 10 May 2021
Published: July 2021
Ruling period: 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 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 52250' on ato.gov.au


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 section118-120 | Income Tax Assessment Act 1997 section118-130 | Income Tax Assessment Act 1997 section 118-195


Relevant facts: The deceased acquired a dwelling. (the dwelling). The dwelling is located on land that is less than two hectares. | The dwelling was the deceased's main residence when they passed away in 20XX. | A dispute arose between the executor and beneficiaries around 20XX. | The executor appointed a legal representative a short time later in an attempt to resolve the dispute. | This was not successful and legal proceedings were commenced. | The legal proceedings were first heard in 20XX. The legal proceedings were resolved a short time later. | The dwelling was listed for sale and settlement occurred a short time later. | The dwelling remained vacant from date of death until settlement.