Private ruling: Extension of time for exemption from capital gains tax
Date of advice: 28 November 2018
Published: March 2019
Ruling period: Year ending 30 June 2018
Date scheme commenced: 1 July 2017

Ruling: Q1: Will the Commissioner grant an extension of time for exemption from capital gains tax? | A1: Yes. Having considered your circumstances and the relevant facts, the Commissioner will allow an extension of time.

Relevant facts and circumstances: The deceased died in 2016, having made a will dated 1984. In 2017 probate was granted. There were concerns as to the equitable division of the estate. A deed of family arrangement was entered into in 2018. A contract for sale of the property was entered into in September 2018; settlement occurred in October 2018.

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