| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your written advice
Authorisation Number: 1051262763841
Date of advice: 4 August 2017
Ruling
Subject: Capital gains tax deceased estate- two year extension
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 to a specific date in late 201A?
Answer
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 until a specific date in late 201A.
Further information on the relevant factors, and inheriting a dwelling generally, can be found on our website ato.gov.au by entering Quick Code QC17195 into the search bar at the top right of the page.
This ruling applies for the following periods:
Year ended 30 June 201B
The scheme commences on:
1 July 201A
Relevant facts and circumstances
The deceased died in early 201C.
The deceased owned a property (the property).
The property was the deceased’s principal place of residence at the time of death.
Child A of the deceased resided in the property with the deceased prior to death, and continued to live at the property after death.
Child A was the sole beneficiary of the Will.
The Will was subject to a family provision claim.
The claim was settled in the Relevant Court in early 201A.
The result of the settlement was that the property was to be sold, and the proceeds to be divided between child A and their sibling.
Child A vacated the property in early 201A.
The property settled in late 201A.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 118-195(1).
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
