| Disclaimer This edited version has been archived due to the length of time since original publication.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: 1051289499155
Date of advice: 29 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 20XX as the main residence.
The deceased passed away in late 20XX.
The estate devolved to you as the sole beneficiary and executor.
While dealing with your relative’s death, you became unemployed and as such you incurred unforeseen serious personal circumstances up until late 20XX.
Another relative, who was not a beneficiary under the will, also advised during this time to challenge the will.
You commenced new employment in early 20XX and you then suffered an unexpected serious work injury. This unforeseen circumstance also led to a further delay in you being able to attend to the estate.
After several months receiving medical treatment, you returned to your employment on light duties.
In early 20XX the challenge to the will was resolved.
Probate was granted in early 20XX and the property was prepared for sale.
The property sold late 20XX and an extended settlement date has been granted to late 20XX.
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).
