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Edited version of your written advice
Authorisation Number: 1051387431140
Date of advice: 19 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?
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 XX 20XX
The scheme commences on:
XX XX 20XX
Relevant facts and circumstances
Letters of Administration were granted.
The last Will of the Deceased was later located.
The last Will of the Deceased appointed an Executor to the estate.
The named Executor commenced proceedings in the Supreme Court of Victoria to revoke the previously granted Letters of Administration.
The Supreme Court of Victoria made orders revoking the previously granted Letters of Administration.
The Supreme Court of Victoria granted Probate.
The sale, and settlement, of the dwelling occurred more than two years from the date of the Deceased’s death.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)