Private ruling: Capital gains tax – two year main residence
Date of advice: 5 December 2017
Published: April 2018
Ruling period: Year ended XXXX
Date scheme commenced: 1 July XXX

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 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 QC52250 into the search bar at the top right of the page.

Relevant facts and circumstances: The deceased passed away. The property situated at XXXX and was purchased prior to 20 September 1985. The deceased used the property as their main residence for the entire ownership period. There were difficulties in dealing with some of the beneficiaries. Probate was granted. The date of sale was XXXX. The date of settlement was XXXX.

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