| Disclaimer This edited version has been archived due to the length of time since original publication.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: 1051466639155
Date of advice: 13 December 2018
Ruling
Subject: Extension to the 2 year rule for the main residence exemption for deceased estates
Question
Will the Commissioner exercise his discretion under subsection 118-195(2)(b) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time to the two year period to dispose of the property until the stated date?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information about this discretion can be found by searching 'QC 52250' on ato.gov.au
This ruling applies for the following periods:
Financial year ended 30 June 201C
Financial year ending 30 June 201D
The scheme commences on:
1 July 201B
Relevant facts and circumstances
The deceased died in early 2012.
Probate was obtained in 201A.
The deceased acquired the main residence prior to 1985.
Some of the deceased’s children occupied the main residence which was the main asset of the estate.
The will did not provide a right to occupy the property.
An application was lodged to replace the executor of the will and a new administrator was appointed.
A Supreme Court order was obtained amending the will to provide a right to occupy the property f
The children vacated the property, and the property was then sold and settled.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(2)(b)
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).
