Private ruling: CGT - deceased estate
Date of advice: 4 June 2018
Published: August 2018
Ruling period: Year ending 30 June XXXX
Date scheme commenced: 1 July XXXX

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 situated was acquired by the deceased prior to 20 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. Probate was granted. The property was marketed for sale. An auction took place but was passed in with no bidders. A new sales and marketing agreement was signed. The property sold. The property settled.

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