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Edited version of private advice
Authorisation Number: 1051626035959
Date of advice: 12 February 2020
Ruling
Subject: Deceased estate - 2 year discretion
Question
Will the Commissioner exercise the discretion under section 118-195 of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the two year time period to XX February 20XX?
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 period:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away XX/XX/XXXX.
The deceased inherited a property upon the death of their spouse.
The deceased owned a property which they used as their main residence.
The deceased wrote a Will however the deceased gave instructions for a new Will to be prepared, which was never signed prior to their death.
There was a dispute as to which Will was valid.
The Supreme Court handed down its judgement, which was appealed.
The Supreme Court handed down the appeal judgement on XX/XX/XXXX.
Probate was granted.
The property was sold on XX/XX/XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195
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