Private ruling: Capital gains tax
Date of advice: 11 October 2017
Published: March 2018
Ruling period: Year ended 30 June 2018
Date scheme commenced: 1 July 2017

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 purchased a property located in State A. The deceased passed away early 20XX. Probate was granted mid 20XX. The Land Title’s Office (LTO) required clarification of the original survey allotment, requesting a new survey of the allotment. The paperwork sent to LTO was lost and had to be resent. LTO found a discrepancy with the Surveyor’s report. The report had to be amended and resent to LTO. In late 20XX enquires were made with LTO who had not yet responded. The LTO responded in early 20XX. Following this arrangements were made to list the property for sale with a real estate agent. The property was sold early 20XX with settlement date late 20XX.

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