Private ruling: Capital Gains Tax
Date of advice: 23 November 2017
Published: April 2018
Ruling period: Year ending 30 June 2018
Date scheme commenced: 1 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 allow an extension of time to the two year period to December 20XX? | 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 December 20XX. 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 mid 20XX. The deceased’s principle place of residence was to be sold as part of their estate, probate was granted in mid-late 20XX. From the mid 20XX the property had been left vacant and did not produce any income. You were suffering from a severe illness and were hospitalised on many occasions, due to this you were unable to put the property on the market. The property was sold in mid-late 20XX and settlement is late 20XX.

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