Private ruling: Capital Gains Tax – Main Residence Exemption
Date of advice: 5 March 2018
Published: June 2018
Ruling period: Year ending 30 June 2018
Date scheme commenced: 1 July 2017

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 .

Relevant facts and circumstances: The deceased passed away. The property was acquired by the deceased prior to the 20 September 1985 by the deceased and their partner. The deceased used the property as their main residence and small business for the entire ownership period. The deceased acquired half of the property from the partner upon their death. Probate was granted. You transferred a percentage of the property to your partner. The property was not used for income producing purposes for many years prior to the deaths of the deceased and the partner. You suffer a serious illness. The property sold. The property settled.