Private ruling: capital gains tax, deceased estate - main residence two year exemptions.
Date of advice: 29 August 2017
Published: December 2017
Ruling period: Year ending 30 June 2018
Date scheme commenced: 01 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 2 year period? | A1: Yes Having considered your circumstances and the relevant factors, the Commissioner is able to apply his discretion under subsection 118-195 of the ITAA 1997 and allow an extension of time. Further information on the relevant factors and inheriting a dwelling generally can be found on our website ato.gov.au and entering Quick Code 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 deceased passed away. The property was situated at XXXX. The deceased used the property as their main residence for the entire ownership period. The property was never used for income producing purposes. The property sold. A longer settlement period was requested by the purchaser. The property settled.

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