Private ruling: Main residence exemption
Date of advice: 25 January 2018
Published: June 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 June 20XX. The deceased W ill was challenged by a family provisions application, which was lodged in March 20XX just before the nine month deadline. You employed lawyers as your legal representative and the Public Trustee were the executors of the estate. Due to the legal battle you did not receive the inherited property until after probate was granted which occurred December 20XX. You had a signed contract for the property June 20XX with settlement July 20XX.

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