Private ruling: Capital gains tax
Date of advice: 12 October 2017
Published: March 2018
Ruling period: Year ended 30 June 2018
Date scheme commenced: 30 June 2017

Ruling: Q1: Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the 2 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. The deceased owned a property which was their main residence for the entire ownership period. The property was never used for income producing purposes. Probate was granted. Problems arose. The property settled more than two years after the date of death.

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


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