Private ruling: Capital gains tax
Date of advice: 18 April 2018
Published: June 2018
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

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: You are the executor of a deceased estate. The deceased passed away in 20XX. The estate is still held in trust with a solicitor. The house was sold in 20XX and settlement was two years and eight days after the deceased’s death.

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