| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your written advice
Authorisation Number: 1051297333917
Disclaimer
You cannot rely on this edited version in your tax affairs. You can only rely on the advice that we have given to you or to someone acting on your behalf.
The advice in the Register has been edited and may not contain all the factual details relevant to each decision. Do not use the Register to predict ATO policy or decisions.
Date of advice: 20 October 2017
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 September 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 September 20XX.
Further information on the relevant factors, and inheriting a dwelling generally, can be found on our website ato.gov.au by entering Quick Code QC52250 into the search bar at the top right of the page.
This ruling applies for the following periods:
Year ended 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
The deceased died in July 20XX.
The deceased acquired their main residence prior to 20 September 1985.
The estate was challenged in the Relevant Court in October 20XX with multiple court cases occurring as a result. The court proceedings were not resolved until a court order was issued in September 20XX.
Letters of administration were granted in September 20XX.
The executor of the estate was unable to assess the estate, prepare the property for sale and put the property on the market until the court order was issued and letters of administration were granted.
The property was sold in July 20XX and settlement occurred in September 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 118-195(1)