Private ruling: CGT-extension of time
Date of advice: 25 June 2019
Published: August 2019
Ruling period: Year ending 30 June 201D
Date scheme commenced: 1 July 201C

Ruling: Q1: Will the Commissioner exercise his discretion to extend the 2 year period under section 118-195 of the Income Tax Assessment Act 1997 ? | 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 X XXX 2019. 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 died in the 201B income year. The property was a pre CGT asset. The property was the deceased's main residence until their death. The property was less than 2 hectares. The property was not rented out prior to their death or after their death. The deceased's child who is also a beneficiary under the will lived with their family in the property as their main residence. The deceased's child moved into the property in 201A to care for the deceased and remained in the property after the deceased went into a nursing home and after they passed away. The property was sold in the 201E income year.

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