Private ruling: Extension of time to dispose of an asset
Date of advice: 2 March 2019
Published: May 2019
Ruling period: Year ending 30 June 2019
Date scheme commenced: 13 August 2013

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 facts and circumstances: The deceased acquired 50% interest in and lived at the property from acquisition prior to September 1985 to the date of her death. She acquired another 50% interest on the passing of her husband. The deceased transferred a 50% interest to her relative prior to passing. Circumstances beyond the Executor’s control prevented them from disposing of the property within two years.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-195