Private ruling: Capital gains tax
Date of advice: 27 June 2017
Published: November 2017
Ruling period: Year ended 30 June 2017
Date scheme commenced: 30 June 2016

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 and entering Quick Code QC17195 into the search bar at the top right of the page.

Relevant facts and circumstances: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. The deceased passed away. 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 settled.

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