Private ruling: Capital Gains Tax for a Deceased Estate- Main Residence Exemption.
Date of advice: 22 February 2019
Published: May 2019
Ruling period: Year ended 30 June 2019
Date scheme commenced: 1 July 20ZZ

Ruling: Q1: Wil the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the 2 year period until xx xxx 20ZZ ? | 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 20ZZ. 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: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. ● The deceased purchased and built the property in 19XX with their partner. ● The deceased was a joint tenant of the property with their partner. ● In xx 200X, the deceased paid an agreed amount to acquire total ownership interest of the property through a divorce settlement. ● In xx 20XX, the deceased passed away. ● In xx 20YY, probate was granted. ● In xx 20ZZ a contract of sale was entered into for property. ● In xx 20ZZ, settlement occurred. ● The property was the main residence of the deceased. ● The property was never used for income producing purposes.

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