Private ruling: Capital gains tax – deceased estates
Date of advice: 9 August 2018
Published: October 2018
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

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 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

Relevant facts and circumstances: The deceased passed away. The property was acquired by the deceased prior to September 1985. The deceased used the property as their main residence for the entire ownership period. The property was never used for income producing purposes. Due to certain circumstances the property was disposed of by the legal personal representative of the deceased’s estate more than 2 years after the deceased had passed away.

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