Private ruling: Deceased estate and the capital gains tax (CGT) main residence exemption
Date of advice: 20 July 2018
Published: September 2018
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner exercise the discretion in subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the main residence exemption? | 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 QC52250 into the search bar at the top right of the page.

Relevant facts and circumstances: The Deceased passed away. The Deceased held an ownership interest in a property and lived in it as their main residence just before their death. There was a legal challenge to the Will of the Deceased. The Property was contracted for sale, which settled.

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