Private ruling: Capital Gains Tax
Date of advice: 20 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 allow an extension of time to the two year period? | 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. 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 20XX. The deceased left a Will naming Individual A the sole beneficiary of the estate. Probate for the estate was granted in 20XX to Individual A. The deceased owned a property which was used as their main residence. The children of the deceased successfully contested the Will and obtained ownership of the property in 20XX. The property was sold and settlement took place in 20XX. The property was vacant during the Will being contested.

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