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Edited version of your written advice
Authorisation Number: 1051310547186
Date of advice: 20 November 2017
Ruling
Subject: Deceased estate and the capital gains tax (CGT) main residence exemption
Question
Will the Commissioner exercise the discretion in subsection 118-195(1) 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:
Year ending 20XX.
The scheme commences on:
1 July 20XX.
Relevant facts and circumstances
The deceased passed on 20XX.
The deceased owned a property purchased on a date after 20 September 1985 that was their main residence up until their passing.
There was a delay in obtaining the will of the deceased from the deceased’s former solicitors.
A contract for sale was entered into on 20XX, which settled on 20XX, a period of more than 2 years since the deceased’s date of passing.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195.
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