| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your written advice
Authorisation Number: 1051386808081
Date of advice: 18 June 2018
Ruling
Subject: Capital gains tax and deceased estate
Question
Will the Commissioner exercise the discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time?
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 inherited dwellings generally can be found on our website ato.gov.au and entering Quick Code QC52246 into the search bar at the top right of the page.
This ruling applies for the following period:
30 June 201X
The scheme commences on:
1 July 201X
Relevant facts and circumstances
You inherited property that was the main residence of your relative, who passed away in 20XX.
At the same time your relative passed away, you had to attend to an unforeseen circumstance for some time that was outside of your control.
Due to the unforeseen circumstance arising, you were unable to attend to the deceased’s estate.
Action has commenced to dispose of the inherited property and is on the market for sale.
Settlement has not occurred.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10,
Income Tax Assessment Act 1997 section 118-195 and
Income Tax Assessment Act 1997 subsection 118-195 (1)