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Edited version of your written advice
Authorisation Number: 1051285042250
Date of advice: 20 September 2017
Ruling
Subject: Capital gains tax – 2 year extension
Question
Will the Commissioner exercise the discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time until settlement 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 settlement 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 QC17195 into the search bar at the top right of the page.
This ruling applies for the following period:
30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
Property was purchased in 1975 as the main residence and was not used to produce assessable income.
The deceased passed away in mid 201X and probate was granted in late 201X.
A Part IV claim was made against the deceased estate by a relative in early 201Y and the administration and disposal of the assets was delayed.
This matter was resolved in late 201Y.
The property was in disrepair and brought to a liveable condition to be placed on the market for sale in early 201Z.
The property was sold at auction in early 201Z and an extended settlement period of 120 days was granted to mid 201Z.
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