Private ruling: CGT – deceased estate – main residence
Date of advice: 28 June 2018
Published: September 2018
Ruling period: Year ending 30 June 2018
Date scheme commenced: 1 July 2017

Ruling: 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 https://www.ato.gov.au and entering Quick Code QC52246 into the search bar at the top right of the page.

Relevant facts and circumstances: The deceased passed away. The deceased acquired the property prior to 1985, it was always the deceased main residence. The executors received an offer to purchase the land if it was subdivided. A surveyor was instructed to begin the subdivision process. The offer was retracted. The property was then listed for sale. Settlement took place more than two years after the deceased passed away.



Subject: CGT – deceased estate – main residence: 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?