Private ruling: Capital gains tax
Date of advice: 28 February 2020
Published: April 2020
Ruling period: Year ending 30 June 2020
Date scheme commenced: 1 July 2019

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 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: Your relative passed away. You inherited a property from your relative. Probate was granted. The property was your relative's main residence. The sale of the property was finalised.

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