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Edited version of your written advice
Authorisation Number: 1051364389234
Date of advice: 26 April 2018
Ruling
Subject: Capital Gains Tax – dwelling acquired from deceased estate – main residence exemption – Commissioner’s discretion - extension to two year time limit.
Question
Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the two year time period to DD/MM/YYYY?
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.
This ruling applies for the following period
Year ending 30 June 20xx
The scheme commenced on
1 July 20xx
Relevant facts and circumstances
The deceased used the property as their main residence for the entire ownership period.
There was a legal dispute relating to the distribution of the estate.
The property was sold with settlement occurring on DD/MM/YYYY.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)