Private ruling: Capital Gains Tax – 2 year extension
Date of advice: 29 September 2017
Published: February 2018
Ruling period: 30 June 2018
Date scheme commenced: 1 July 2017

Ruling: Q1: Will the Commissioner exercise the discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time 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 date. Further information on the relevant factors and inheriting a dwelling generally can be found on our website ato.gov.au and entering Quick Code QC17195 into the search bar at the top right of the page.

Relevant facts and circumstances: Property was purchased in 20XX as the main residence. The deceased passed away in late 20XX. The estate devolved to you as the sole beneficiary and executor. While dealing with your relative’s death, you became unemployed and as such you incurred unforeseen serious personal circumstances up until late 20XX. Another relative, who was not a beneficiary under the will, also advised during this time to challenge the will. You commenced new employment in early 20XX and you then suffered an unexpected serious work injury. This unforeseen circumstance also led to a further delay in you being able to attend to the estate. After several months receiving medical treatment, you returned to your employment on light duties. In early 20XX the challenge to the will was resolved. Probate was granted in early 20XX and the property was prepared for sale. The property sold late 20XX and an extended settlement date has been granted to late 20XX.