Private ruling: CGT - dwelling acquired from deceased estate - main residence exemption
Date of advice: 27 March 2018
Published: June 2018
Ruling period: Year ending 30 June 2018
Date scheme commenced: 1 July 2017

Ruling: Q1: Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the two year time period to DD/MM/YYYY? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner is able to apply his discretion under subsection 118-195(1) of the ITAA 1997 and allow an extension of time.

Relevant facts and circumstances: The deceased passed away. The deceased used the property as their main residence for the entire ownership period. There was a legal dispute relating to the distribution of the estate. You did not dispose of the deceased’s main residence within two years of the deceased’s death. The property was sold with settlement occurring on DD/MM/YYYY.

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