Private ruling: The Commissioners discretion to extend the two year time limit to dispose of a deceased's dwelling
Date of advice: 12 September 2019
Published: October 2019
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 01 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 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: An individual purchased a main residence prior to 20 September 1985. The individual passed away. Initial settlement was to occur within the two year period from the date of death. However, the purchaser delayed settlement on a number of occasions with settlement being finalised shortly after the two year period expired.

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)