Disclaimer This edited version has been archived due to the length of time since original publication.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: 1051273554190
Date of advice: 24 August 2017
Ruling
Subject: Commissioner's discretion to extend the main residence exemption
Question
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 Date?
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 Date. 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 period:
Year ended 30 June xxxx
The scheme commences on:
01 July xxxx
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.
Deceased and spouse acquired the property in xxxx
The property was the family home.
The deceased divorced. The family court ordered that the property be sold to pay a 50% share.
The client acquired the 50% share in xxxx
The deceased continued to live in the property until their death.
A caveat was lodged on the property title on xxxx, pursuant to a claim on the Estate. This caveat was removed on xxxx after the Relevant Court ordered the removal of the caveat.
This caveat and legal action prevented the sale of the property. The property was auctioned and settlement occurred on xxxx.
The property remained vacant from the date of death of the deceased until settlement occurred.
Relevant legislative provisions
Income Tax Assessment Act 1997 s118-195.
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