Private ruling: Capital Gains Tax
Date of advice: 7 August 2018
Published: September 2018
Ruling period: 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) in relation to the dwelling on the property and allow an extension of time until xx xxx xxxx? | 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 until xx xxx xxxx. Further information on the relevant factors and inheriting a dwelling generally can be found on our website ato.gov.au and entering Quick Code QC 52250 into the search bar at the top right of the page.

Relevant facts and circumstances: The deceased passed away on xx xxx xxxx. The deceased lived at the property until the date of their death. The title shows the deceased acquired the property in xxxx. After probate was granted the property was placed on the market for sale. Even though the property was listed for sale from xxx xxxx a contract for sale was not entered into until xxx xxxx with settlement occurring on xx xxx xxxx. The property had been rented continuously from date of death until the sale date.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 104-10 | Income Tax Assessment Act 1997 subsection 118-130(3) | Income Tax Assessment Act 1997 section 118-195 | Income Tax Assessment Act 1997 subsection 118-195(1)