Private ruling: CGT extension of time to elect to make a choice
Date of advice: 2 December 2020
Published: January 2021
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner exercise his discretion in paragraph 103-25(1)(b) of the Income Tax Assessment Act 1997 (ITAA 1997) to allow an extension of time to make a choice under section 104-165(2) to disregard a capital gain? | A1: Yes. Having considered your circumstances and the relevant factors the Commissioner considers it appropriate to grant an extension of the time limit in which to make a choice.

Relevant facts and circumstances: You ceased to be an Australian resident in 20XX. You owned non-taxable Australian property at this time. You lodged your tax return for the year ended 30 June 20XX without declaring a capital gain. You were not aware of the I1 event and the consequences of not making a choice.

Relevant legislative provisions: Income Tax Assessment Act 1997 subsection 103-25(1) | Income Tax Assessment Act 1997 subsection 104-165(2)