Private ruling: Capital Gains Tax and the Commissioner’s discretion to extend the two year period
Date of advice: 20 October 2017
Published: March 2018
Ruling period: Year ended 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 allow an extension of time to the two year period to XX September 20XX? | 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 September 20XX. Further information on the relevant factors, and inheriting a dwelling generally, can be found on our website ato.gov.au by entering Quick Code QC52250 into the search bar at the top right of the page.

Relevant facts and circumstances: The deceased died in July 20XX. The deceased acquired their main residence prior to 20 September 1985. The estate was challenged in the Relevant Court in October 20XX with multiple court cases occurring as a result. The court proceedings were not resolved until a court order was issued in September 20XX. Letters of administration were granted in September 20XX. The executor of the estate was unable to assess the estate, prepare the property for sale and put the property on the market until the court order was issued and letters of administration were granted. The property was sold in July 20XX and settlement occurred in September 20XX.

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


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