Private ruling: Capital gains t ax - two year main residence extension.
Date of advice: 30 April 2018
Published: July 2018
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 01 July 20XX

Ruling: Q1: Will 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? | A1: Yes In this case, probate on the estate was delayed due to disputes and legal action on behalf of one of the beneficiaries. The executor experienced lengthy delays outside of their control. We accept that the executor made a genuine effort to administer the estate and sell the property. 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

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 passed. The property was acquired by the deceased post 20 September 1985. The deceased used the property as their main residence for the entire ownership period. The property was never used for income producing purposes. Probate was granted. The will was contested. The claim was resolved. The property sold. The property settled.

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