Private ruling: Capital gains tax
Date of advice: 17 July 2017
Published: November 2017
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/2017? | 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/2017. 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: The deceased passed away in 201X. The deceased left the property to you as tenants in common in equal shares. The property was their main residence and has not been used to produce assessable income. You renovated the property before placing it on the market. The property settled two years and three days after the deceased’s death. The delay in selling the property was due to completion of renovations.

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