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Edited version of your written advice
Authorisation Number: 1051283546535
Date of advice: 3 October 2017
Ruling
Subject: Deceased estate and the capital gains tax (CGT) main residence exemption
Question 1
Will the Commissioner exercise the discretion in section 118-195 of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the main residence exemption to 20XX?
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 20XX. 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:
1 July 2017
The scheme commences on:
30 June 2018
Relevant facts and circumstances
The deceased passed on 20XX.
The deceased held a property that they acquired their ownership interest in after 20 September 1985. The property was their main residence up until their date of passing.
The Executors entered into a contract of sale for the property with a third party on 20XX, which did not settle.
The Executors entered into a contract of sale for the property with a third party on 20XX, which did not settle.
The Executors entered into a contract of sale for the property which settled on 20XX.
Relevant legislative provisions
Income Tax Assessment Act1997 section 118-195.
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