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Edited version of your written advice
Authorisation Number: 1051402137585
Date of advice: 20 July 2018
Subject: Capital gains tax
Question
Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) in relation to the dwelling on the property and allow an extension of time until XX/XX/XXXX?
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 until XX/XX/XXXX. 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:
Financial year ending 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
Your sibling owned a property. The property was the main residence of your sibling.
You sibling died intestate, leaving the property to you.
You were prevented from selling the property until you were granted letters of administration on XX/XX/XXXX.
The sale of the property was further delayed due to the settlement date for the property being extended at the buyer’s request. Your spouse was also diagnosed with a serious medical condition in 20XX which caused you further difficulties in administering the estate.
The property was sold with settlement occurring on XX/XX/XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-195