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Edited version of your written advice
Authorisation Number: 1051310643992
Date of advice: 23 November 2017
Ruling
Subject: Capital Gains Tax
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 December 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 December 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(s)
Year ending 30 June 2018
The scheme commences on
1 June 2017
Relevant facts and circumstances
The deceased passed away in mid 20XX.
The deceased’s principle place of residence was to be sold as part of their estate, probate was granted in mid-late 20XX.
From the mid 20XX the property had been left vacant and did not produce any income.
You were suffering from a severe illness and were hospitalised on many occasions, due to this you were unable to put the property on the market.
The property was sold in mid-late 20XX and settlement is late 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-195