Private ruling: CGT - deceased estate - two year discretion - EOT
Date of advice: 13 January 2020
Published: March 2020
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20 XX

Ruling: Q1: Will the Commissioner exercise the discretion under section 118-195 of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the two year time period to XX December 20XX? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time to XX December 20XX. Further information about this discretion can be found by searching 'QC 52250' on ato.gov.au

Relevant facts and circumstances: The deceased passed away XX March 20XX The deceased owned a property which they used as their main residence. The property has not been used for the purpose of producing assessable income. The Estate was subject to family provision claims as well as litigation involving the executors appointed under the will. The Supreme Court handed down orders resolving the family provision claims and appointed an Administrator on XX May 20XX. The property was sold with settlement being completed on XX December 20XX.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 118-195