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Edited version of your written advice
Authorisation Number: 1051318183955
Date of advice: 7 December 2017
Ruling
Subject: Capital gains tax – deceased estate
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 inherited dwellings generally can be found on our website ato.gov.au and entering Quick Code QC52246 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
Your relative purchased a house in 19XX and this dwelling was their main residence.
Your relative remarried in 19XX and they continued to reside in the dwelling as their main residence.
Your relative became ill and was placed into a nursing home.
Your relative passed away in 19XX and the spouse remained at the property until their date of death in 20XX.
You were unaware of the spouse’s passing until 20XX.
You then took all the necessary steps and employed the services of a lawyer to assist in finalising your relative’s estate.
Orders from the Supreme Court were obtained in 20XX to grant administration of the estate.
The property was sold and settlement occurred in 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10,
Income Tax Assessment Act 1997 section 118-195 and
Income Tax Assessment Act 1997 subsection 118-195(1).
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