Private ruling: Income tax - capital gains tax - two year discretion
Date of advice: 21 February 2020
Published: April 2020
Ruling period: Year ending 30 June 20xx
Date scheme commenced: 1 July 20xx

Ruling: Q1: Will the Commissioner exercise the discretion under subsection 118-195(1) of the ITAA 1997 and extend the 2 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 using the Quick Code QC52250.

Relevant facts and circumstances: The Deceased purchased the property in April 20XX. The property was the Deceased's main residence for the entire ownership period. The Deceased died in October 20XX. There was a court proceeding which delayed the sale of the property. In December 20XX you sold the property and settlement occurred in January 20XX.

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