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Edited version of private advice
Authorisation Number: 1051541011197
Date of advice: 17 July 2019
Ruling
Subject: Capital gains tax and the Commissioner's discretion to extend the two year period.
Question
Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time to the two year period to XX March 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 XX March 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 'QC 52250' into the search bar at the top right of the page.
This ruling applies for the following period:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
The deceased passed away on XX January 20XX
The deceased owned a property.
The property was the deceased main residence.
The property is less than 2 hectares and has never been used to produce assessable income.
Probate was granted on XX April 20XX.
Transfer of property to the executors was XX May 20XX.
The house was put on the market in December 20XX. The sale of the property was delayed due to waiting for offers.
A contract was signed on the XX February 20XX with settlement on XX March 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-195
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