Private ruling: Capital gains tax – extension of 2 year time period
Date of advice: 29 June 2017
Published: October 2017
Ruling period: 30 June 2016
Date scheme commenced: 1 July 2016

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 of time until settlement date? | 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 settlement date. Further information on the relevant factors and inheriting a dwelling generally can be found on our website ato.gov.au and entering Quick Code QC17195 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. Your parent owned property pre-CGT up until their date of death. The deceased died in 20XX. You were a beneficiary of the estate. You and the other beneficiaries decided to sell the property as soon as practicable after the date of death. In 20YY, one of the other beneficiaries contested the will. This matter was not settled until 20ZZ, when this beneficiary consented to withdraw their claim. The property was listed on the market and settled in 20ZZ.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-10, | Income Tax Assessment Act 1997 section 118-195 and | Income Tax Assessment Act 1997 subsection 118-195(1).