Private ruling: Capital gains tax deceased estate- two year extension
Date of advice: 4 August 2017
Published: November 2017
Ruling period: Year ended 30 June 201B
Date scheme commenced: 1 July 201A

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 to a specific date in late 201A? | 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 a specific date in late 201A. Further information on the relevant factors, and inheriting a dwelling generally, can be found on our website ato.gov.au by entering Quick Code QC17195 into the search bar at the top right of the page.

Relevant facts and circumstances: The deceased died in early 201C. The deceased owned a property (the property). The property was the deceased’s principal place of residence at the time of death. Child A of the deceased resided in the property with the deceased prior to death, and continued to live at the property after death. Child A was the sole beneficiary of the Will. The Will was subject to a family provision claim. The claim was settled in the Relevant Court in early 201A. The result of the settlement was that the property was to be sold, and the proceeds to be divided between child A and their sibling. Child A vacated the property in early 201A. The property settled in late 201A.

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