Private ruling: The Commissioner's discretion to extend the two year time limit to dispose of a dwelling
Date of advice: 22 January 2021
Published: March 2021
Ruling period: Year ended 30 June 2021.
Date scheme commenced: 1 July 2020.

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 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)


Relevant facts: The deceased acquired a dwelling located. (The dwelling). | The deceased passed away in 20xx. (The deceased). | The dwelling had been the deceased's main residence prior to passing away. | A grant of probate was issued in 20xx. | A legal dispute arose in relation to the will of the deceased and the grant of probate. | The grant of probate was revoked in 20xx. | An administrator was appointed in 20xx to facilitate the sale of the dwelling. | The dwelling remained vacant. | The dwelling was placed on the market and a contract for the sale was entered into on xx xx 20xx.