Private ruling: Capital gains tax – extending two year period
Date of advice: 13 June 2017
Published: October 2017
Ruling period: 30 June 2017
Date scheme commenced: 1 July 2015

Ruling: Q1: Will the Commissioner exercise the discretion under section 118-195 of the Income Tax Assessment Act 1997 and extend the two year time period until settlement date? | 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 settlement. Further information on the relevant factors and inheriting a dwelling generally can be found on our website https://www.ato.gov.au and entering Quick Code QC17195 into the search bar at the top right of the page.

Relevant facts and circumstances: Your parents purchased a property in 198X as their principal place of residence until their date of deaths. Your parent died in 199X and their deceased estate devolved to your remaining parent. Your remaining parent (the deceased) died in 201X and their estate devolved to you as the sole executor. You live in a remote location in Australia. The property was put up for sale in 201X with no success. You employed the services of a real estate in 201Y. You endured personal setback during the administration process of the deceased estate. The property sold in 201Z.