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Edited version of your written advice
Authorisation Number: 1051413880222
Date of advice: 17 August 2018
Ruling
Subject: Capital gains tax and a 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 until settlement date?
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 settlement date. 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 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
The deceased purchased property post 20 September 1985 and this was their main residence up until their date of death.
The deceased passed away in 20XX and left a will.
From the date of death there were many complexities with the administration of the deceased’s estate and this has taken several years to resolve.
The property was placed on the market and settlement occurred 20XX.
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).