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Edited version of your written advice
Authorisation Number: 1051314740603
Date of advice: 9 February 2018
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) in relation to the dwelling on the property and allow an extension of time until XX/XX/XXXX?
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/XX/XXXX. 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
Financial year ending 30 June 20XX
The scheme commences on
1 July 20XX
Relevant facts and circumstances
The deceased purchased the dwelling prior to 20 September 1985. The property was the deceased’s main residence until their passing in late 20XX.
One of the beneficiaries commenced clearing the property in preparation for sale in early 20XX.
A valuation was carried out on the property in early 20XX.
When the property was listed, a number of sale contracts fell through after the buyers were not satisfied with the Building and Pest Inspection Reports.
The house was sold in early 20XX.
The land was less than two hectares. The property was never rented.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-195