Private ruling: Capital gains tax
Date of advice: 9 October 2020
Published: November 2020
Ruling period: Year ended 30 June 20XX | Year ending 30 June 20XX
Date scheme commenced: 1 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 allow an extension of time to the two year period to xxxx? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information about this discretion can be found by searching 'QC 52250' on ato.gov.au


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


Included in the estate was a property. | The property was the deceased's main residence. | This property was acquired before 1985. | A claim to contest the will was made against the estate. | This matter was not settled until after two years from the date of death of the deceased. | The settlement of the matter included the mode of selling of the property and related instructions. | The estate sold the property and settlement takes place in xxxx. | The property was not rented out by the estate.