Private ruling: Capital Gains Tax – dwelling acquired from deceased estate – main residence exemption – Commissioner’s discretion - extension to two year time limit.
Date of advice: 26 April 2018
Published: July 2018
Ruling period: 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) and extend the two year time period to DD/MM/YYYY? | 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.

Relevant facts and circumstances: The deceased passed away. The deceased used the property as their main residence for the entire ownership period. There was a legal dispute relating to the distribution of the estate. The property was sold with settlement occurring on DD/MM/YYYY.

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