Private ruling: Commissioner's discretion to extend the two year period
Date of advice: 6 December 2019
Published: February 2020
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner allow an extension of time to xx xxx xxxx 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 passed away on XX XXX XXXX. The deceased left their ownership in a property in their estate The deceased had purchased the property pre 1985. The property was the deceased's main residence at time of death. The deceased died intestate. Letters of administration were granted xx xxx xxxx A dispute occurred regarding ownership of the property between a number of beneficiaries. During this ongoing dispute a beneficiary under the intestacy provisions occupied the property from the deceased's death until the property was sold by the administrators. The property was placed under contract on xx xxx xxxx and settlement occurred on xx xxx xxxx.

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