Private ruling: Capital Gains Tax
Date of advice: 10 October 2017
Published: March 2018
Ruling period: Year ended 30 June 2017
Date scheme commenced: 1 July 2016

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? | 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 on June 20XX. There was an inquest that delayed the granting of Probate. The deceased acquired a property prior to 1985 with a spouse. The property was used as their main residence. The property has never been used to produce assessable income and remained vacant since the death of the deceased. The property was sold in February 20XX and settlement occurred on May 20XX.

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