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Edited version of your written advice
Authorisation Number: 1051408075702
Date of advice: 30 July 2018
Ruling
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 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 period:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away on XX/XX/XXXX. The deceased lived at the property from the date of acquisition until their passing.
The deceased’s will was contested by various parties and this was not resolved until a Deed of Settlement was executed on XX/XX/XXXX. The property was sold on XX/XX/XXXX with settlement occurring on XX/XX/XXXX.
The property remained vacant from the date of the deceased’s passing until the property was sold.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-195