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Edited version of your written advice
Authorisation Number: 1051384302415
Date of advice: 13 June 2018
Ruling
Subject: Income tax – capital gains tax – deceased estate
Question
Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the time limit to XX XXX 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.
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:
Period ended XX XXX 20XX
The scheme commences on:
XX XXX 20XX
Relevant facts and circumstances
The dwelling was the Deceased’s main residence.
The dwelling was listed for sale within two years of the Deceased’s date of death.
The Beneficiary’s ownership interest in the dwelling ceased more than two years after the Deceased’s date of death.
You state that your real estate agent changed without your knowledge; and this contributed to a delay in the sale of the dwelling.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)