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Edited version of your written advice
Authorisation Number: 1051293586883
Date of advice: 10 October 2017
Ruling
Subject: Deceased Estate
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?
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 your website ato.gov.au by entering Quick Code QC52250 into the search bar on the top right of the page.
This ruling applies for the following periods:
Year ended 30 June 2017
Year ending 30 June 2018
The scheme commences on:
1 July 2016
Relevant facts and circumstances
The deceased purchased a property located in State A (the property). The property was the deceased’s main residence until they passed away in 20XX.
Probate was issued in late 20XX.
The Estate comprised solely of the deceased main residence.
The property was purchased pre CGT and was not used to derive assessable income.
Executor A’s family member passed away after long term care. This required providing support to other family members during this time.
Executor B was diagnosed with a terminal illness and passed away late 20XX.
The property has been sold with a settlement date late 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)