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Edited version of your written advice
Authorisation Number: 1051262619057
Date of advice: 2 August 2017
Ruling
Subject: Commissioner may extend the two-year period
Question 1
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 until xx xxxx 2017?
Answer
Yes.
This ruling applies for the following periods:
Year ended 30 June 20xx.
The scheme commences on:
27 June 20xx
Relevant facts and circumstances
The Will named the estate executor as a person.
The deceased’s Will was challenged by xxxxxxxx.
The property was empty until settlement.
After the time of settlement, the property was placed on the market for sale.
The property has been sold with a contract being signed on xx xx xxxx and settlement scheduled to occur xx xx xxxx.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 subsection 118-130(3)
Income Tax Assessment Act 1997 section 118-195
Income Tax Assessment Act 1997 subsection 118-195(1)
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