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Edited version of your written advice
Authorisation Number: 5010048831650
Date of advice: 5 March 2018
Ruling
Subject: Capital Gains Tax – Main Residence Exemption
Question
Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the 2 year period?
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. Further information on the relevant factors and inheriting a dwelling generally can be found on our website ato.gov.au.
This ruling applies for the following period:
Year ending 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
The deceased passed away.
The property was acquired by the deceased prior to the 20 September 1985 by the deceased and their partner.
The deceased used the property as their main residence and small business for the entire ownership period.
The deceased acquired half of the property from the partner upon their death.
Probate was granted.
You transferred a percentage of the property to your partner.
The property was not used for income producing purposes for many years prior to the deaths of the deceased and the partner.
You suffer a serious illness.
The property sold.
The property settled.
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