Private ruling: CGT - main residence exemption
Date of advice: 18 December 2025
Published: 2 February 2026
Ruling period: Income year ending 30 June 20YY
Date scheme commenced: DD MM 20YY

Ruling: Q1: Will the Commissioner exercise the discretion to allow an extension of time for you to dispose of your ownership interest in the dwelling and the X hectares around it and disregard the capital gain or capital loss you made on the disposal? | A1: Yes. Having considered your circumstances and the relevant factors the Commissioner will allow an extension of time. Further information about the Commissioner's discretion can be found by searching ato.gov.au for 'QC 66057'

Relevant facts and circumstances: On DD MM 20YY, the deceased signed a will (the will). On DD MM 20YY the deceased passed away. You are the Executor for the deceased. The deceased had surviving children: child 1 and child 2. Under the terms of the will, child 1 and child 2 inherit all assets and property of the estate. The deceased owned the property. The property consisted of more than 2 hectares of land. The property was purchased by the deceased and their spouse in MM 19YY who passed away in 20YY. The delay in the sale of the property by a few months was due to legal challenges. Once the legal challenges were completed the property was promptly sold. On DD MM 20YY, settlement of the property occurred, X days outside the 2-year exemption period.

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