Private ruling: CGT - Deceased Estate - 2 Year Discretion
Date of advice: 20 March 2018
Published: June 2018
Ruling period: Financial year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time to the two year period to XX/XX/XXXX? | 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 until XX/XX/XXXX. Further information on the relevant factors and inheriting a dwelling generally can be found on our website ato.gov.au and entering QC52250 into the search bar at the top right of the page.

Relevant facts and circumstances: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. The property was purchased by the deceased before 20 September 1985. The property was the deceased’s main residence until the date of their death on XX/XX/XXXX. No income was derived from it and the property has remained vacant since the deceased’s death. The property’s land size is less than two hectares. Probate was granted on XX/XX/XXXX. The executor’s spouse subsequently passed away which resulted in the executor being unable to fully attend to the affairs of the estate. Settlement of the property occurred on XX/XX/XXXX.

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