Private ruling: Income tax – capital gains tax – Deceased estate
Date of advice: 19 June 2018
Published: August 2018
Ruling period: Period ended XX XX 20XX
Date scheme commenced: XX XX 20XX

Ruling: Q1: Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the time limit? | 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 and entering Quick Code QC52250 into the search bar at the top right of the page.

Relevant facts and circumstances: Letters of Administration were granted. The last Will of the Deceased was later located. The last Will of the Deceased appointed an Executor to the estate. The named Executor commenced proceedings in the Supreme Court of Victoria to revoke the previously granted Letters of Administration. The Supreme Court of Victoria made orders revoking the previously granted Letters of Administration. The Supreme Court of Victoria granted Probate. The sale, and settlement, of the dwelling occurred more than two years from the date of the Deceased’s death.

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