Private ruling: Main residence exemption for deceased estates
Date of advice: 2 April 2019
Published: May 2019
Ruling period: Year ended 30 June 2019
Date scheme commenced: 1 July 2018

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 until XX 2018? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information about this discretion can be found by searching 'QC 52250' on ato.gov.au

Relevant facts and circumstances: ● The deceased acquired the property in XXXX. ● The property is less than 2 hectares. ● The deceased passed away in XXX. ● The property was the deceased’s main residence for the entire period of ownership. ● The property was never used for income producing purposes. ● The deceased was in a nursing home at the date of death. ● In XXXX, a contract of sale was signed by the purchaser and vendor. ● Settlement occurred in November XXXX .

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