Private ruling: Deceased estate exemption for CGT to extend beyond a two year period.
Date of advice: 11 July 2017
Published: November 2017
Ruling period: Year ended 2017 | Year ended 2016
Date scheme commenced: 01 July 2015

Ruling: A1: Yes.

Relevant facts and circumstances: The deceased passed away. The deceased was the sole owner of a residence; this was the primary place of residence from date or purchase. The property has not been rented since the date of death. The property was sold; the purchaser offer was conditional on extended settlement terms. Settlement occurred.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 subsection 118-130(3) | Income Tax Assessment Act 1997 section 118-195 | Income Tax Assessment Act 1997 subsection 118-195(1)


Subject: Deceased estate exemption for CGT to extend beyond a two year period.: Will the Commissioner exercise his discretion under subsection 118-195(1)(b) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the two-year limit to disregard a capital gain on the sale of the deceased taxpayers main residence.