Private ruling: Capital gains tax
Date of advice: 20 July 2018
Published: September 2018
Ruling period: Financial year ending 30 June 2018
Date scheme commenced: 1 July 2017

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 dwelling on 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: 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 sibling owned a property. The property was the main residence of your sibling. You sibling died intestate, leaving the property to you. You were prevented from selling the property until you were granted letters of administration on XX/XX/XXXX. The sale of the property was further delayed due to the settlement date for the property being extended at the buyer’s request. Your spouse was also diagnosed with a serious medical condition in 20XX which caused you further difficulties in administering the estate. The property was sold with settlement occurring on XX/XX/XXXX.

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