Private ruling: Capital gains tax - deceased estate 2 year extension
Date of advice: 22 July 2017
Published: November 2017
Ruling period: Year ended 30 June 2017
Date scheme commenced: 1 July 2016

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 time period until the requested 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 your requested 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. The deceased died on XX April 20XX. The deceased acquired a XX% share of a dwelling on XX September 20XX. The dwelling was the deceased’s main residence from acquisition until the time of their death. The dwelling has never been used to produce income and has remained vacant since the deceased’s death. There was a dispute with the relevant State’s Land’s Office in relation to the value of the property reported on the 20XX transfer. There was a delay in the transfer of the title of the dwelling to the executor as the original transfer issue needed to be resolved. The dwelling was sold on XX May 20XX.

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