Private ruling: Capital gains tax
Date of advice: 30 July 2018
Published: September 2018
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) in relation to the property and allow an extension of time until XX/XX/XXXX? | 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 XX/XX/XXXX. 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: The deceased passed away on XX/XX/XXXX. The deceased lived at the property from the date of acquisition until their passing. The deceased’s will was contested by various parties and this was not resolved until a Deed of Settlement was executed on XX/XX/XXXX. The property was sold on XX/XX/XXXX with settlement occurring on XX/XX/XXXX. The property remained vacant from the date of the deceased’s passing until the property was sold.

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