Private ruling: Extension for deceased estate CGT exemption for main residence
Date of advice: 15 January 2020
Published: March 2020
Ruling period: 1 July 2018 to the 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Will the Commissioner exercise the discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension to the two year period? | 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 dwelling was the deceased's main residence at the time of passing, more than two years ago. The will was challenged by some the beneficiaries, which delayed the winding up of the estate for a period of time. The dwelling passed to you as a beneficiary alone. The dwelling was sold at auction and settled more than two years after the deceased's passing. The dwelling is land that is less than two hectares in size.

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)