Private ruling: Income tax – capital gains tax – deceased estate
Date of advice: 13 June 2018
Published: August 2018
Ruling period: Period ended XX XXX 20XX
Date scheme commenced: XX XXX 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 to XX XXX 20XX? | 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: The dwelling was the Deceased’s main residence. The dwelling was listed for sale within two years of the Deceased’s date of death. The Beneficiary’s ownership interest in the dwelling ceased more than two years after the Deceased’s date of death. You state that your real estate agent changed without your knowledge; and this contributed to a delay in the sale of the dwelling.

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