Private ruling: Main residence exemption
Date of advice: 30 May 2018
Published: August 2018
Ruling period: Year ending 30 June 201X
Date scheme commenced: 1 July 201X

Ruling: Q1: Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time to the two 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: The deceased passed away in December 201X. The spouse of your sibling and co-executor passed away in March 201X after a short illness. Your sibling themselves died in August 201X also after a battle with illness and probate was not granted until December 201X. In addition to the legal impediments to dealing with estate of the deceased your parent, and the deaths of your other relatives all within two years has made dealing with estate matters very distressing and extremely difficult for you. The property was sold in March 201X, settlement did not occur until May 201X.

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 118-195