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Edited version of your written advice
Authorisation Number: 5010049058473
Date of advice: 27 February 2018
Ruling
Subject: Capital gains tax – 2 year main residence.
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 and entering Quick Code QC52250 into the search bar at the top right of the page.
This ruling applies for the following period:
Year ended XXXX
The scheme commences on:
1 July XXX
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.
The deceased used the property as their main residence for the entire ownership period.
The deceased passed away intestate
There were difficulties in getting grant of probation
The date of sale was XXXX.
The date of settlement was XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)
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