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Edited version of your written advice
Authorisation Number: 1051270862502
Date of advice: 21 August 2017
Ruling
Subject: Capital gains tax
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?
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. 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.
This ruling applies for the following periods
Years ended 30 June 2017 and 2018
The scheme commences on:
1 July 2016
Relevant facts and circumstances
This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
The deceased passed away in mid-late 20XX. They willed to each of their four daughters an equal share in the property.
The property was the deceased’s main residence and they provided in their Will for their spouse to reside in the property for their life.
The deceased’s spouse moved into a retirement home in 20XX and the property was rented to provide income to support their living expenses. The property was rented for less than six years.
The property was the deceased spouse’s main residence until they passed away in late 20XX.
You were unable to sell the property until the deceased spouse’s death.
Necessary repairs were undertaken on the property in early 20XX and the property was sold at auction with settlement date in mid 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195
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