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Edited version of your written advice
Authorisation Number: 1051432598474
Date of advice: 21 September 2018
Ruling
Subject: Capital Gains Tax and the Commissioner's discretion to extend the two year period.
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 to XX October 20XX?
Answer
Yes.
Having considered the 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 October 20XX.
Further information about this discretion can be found by searching 'QC 52250' on ato.gov.au.
This ruling applies for the following periods:
Year ending 30 June 2019
Year ending 30 June 2020
The scheme commences on:
1 July 2018
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.
The deceased acquired a residential property (the property) in 20XX which was used as a main residence.
The deceased died in 20XX.
The ownership entitlement of the property has been unclear until only recently.
The beneficiaries are also in the process of commencing legal proceedings to challenge the terms of the Will and the executors, and as a result the executors cannot agree to dispose of the property until those legal challenges have been resolved.
The complexity of the deceased estate has caused the delays in the completion of administration of the estate within the two year period from the date of death.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 118-195(1)