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Edited version of your written advice
Authorisation Number: 1051305513036
Date of advice: 7 November 2011
Ruling
Subject: A deceased estate and the capital gains tax (CGT) main residence exemption
Question
Will the Commissioner exercise the discretion in section 118-195 of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the main residence exemption to 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 20XX. 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 ending 2018.
The scheme commences on:
1 July 2017.
Relevant facts and circumstances
The deceased purchased a property which was used as a main residence until the deceased passed away.
Probate of the will was granted to Individual A (you) in April 20XX.
The property required repairs in order to restore it to a saleable condition. You undertook some of this work yourself.
A family member of yours passed away in March 20XX.
The property was contracted for sale, which settled in October 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195.