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Edited version of your written advice
Authorisation Number: 1051395340716
Date of advice: 10 July 2018
Ruling
Subject: Main residence exemption
Question
Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time to the two year period?
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 QC17195 into the search bar at the top right of the page.
This ruling applies for the following period(s)
Year ending 30 June 20xx
The scheme commences on
1 July 20xx
Relevant facts and circumstances
(The deceased) passed away in March 20xx.
(The deceased) left you and your sibling their home which was their main residence until their death.
Probate was granted in July 20xx.
Your sibling who suffers from depression lived with your parent for many years and continued to live in their residence after their death.
Not wanting to exacerbate your sibling’s condition refrained from pressuring them to move out, until they were ready.
Contracts were signed in March 20xx and final settlement was in April 20xx.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-195