Private ruling: Capital gains tax and deceased estate
Date of advice: 18 June 2018
Published: August 2018
Ruling period: 30 June 201X
Date scheme commenced: 1 July 201X

Ruling: Q1: Will the Commissioner exercise the discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time? | 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 inherited dwellings generally can be found on our website ato.gov.au and entering Quick Code QC52246 into the search bar at the top right of the page.

Relevant facts and circumstances: You inherited property that was the main residence of your relative, who passed away in 20XX. At the same time your relative passed away, you had to attend to an unforeseen circumstance for some time that was outside of your control. Due to the unforeseen circumstance arising, you were unable to attend to the deceased’s estate. Action has commenced to dispose of the inherited property and is on the market for sale. Settlement has not occurred.

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