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Edited version of your written advice
Authorisation Number: 1051309485279
Date of advice: 17 November 2017
Ruling
Subject: Capital Gains Tax – Deceased Estate – Extension of Time
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 October 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 October 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 QC17195 into the search bar at the top right of the page.
This ruling applies for the following period:
Year ended 30 June 2017
The scheme commences on
1 July 2016
Relevant facts and circumstances
You and your siblings are the sole beneficiaries of your parent’s estate who passed away in mid 20XX.
Your parent left you and your X siblings a house.
A grant of probate was applied in late 20XX and granted in early 20XX.
A surveyor was engaged in late 20XX. The survey was mainly completed in early 20XX although difficulties were experienced in finalising issues relating to it.
Your sibling lived with your parent up until their death and you all agreed they would purchase the property from the estate.
You signed the form to transfer your share of the property to your sibling in mid 20XX.
Settlement for the property occurred in late 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-195