Private ruling: Commissioner’s discretion
Date of advice: 5 April 2018
Published: June 2018
Ruling period: Financial year ending 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) in relation to the dwelling on the property and allow an extension of time until XX/XX/XXXX? | 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 until XX/XX/XXXX. 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: The deceased purchased a property prior to 20 September 1985. The land is less than two hectares. The deceased occupied the property from the date of purchase until their death in 20XX. Under the deceased’s will, their spouse had a life interest in the property. Their spouse continued to reside in the property until their death in 20XX. The property was left vacant from the time the spouse died until sale. The beneficiaries commenced clearing the property in preparation for sale but due to their age, health and other circumstances, this took longer than expected. Settlement occurred in January 20XX.

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