| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of your written advice
Authorisation Number: 1051445975650
Date of advice: 26 October 2018
Ruling
Subject: CGT - deceased estate, two year 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 the circumstances and the relevant factors, the Commissioner will allow a short extension of time. Further information about this discretion can be found by searching 'QC 52250' on ato.gov.au
This ruling applies for the following period:
1 July 2017 to 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
The deceased passed away.
The deceased had a dwelling acquired before 20 September 1985 (the dwelling).
The dwelling was the deceased main residence.
The dwelling has never been used for assessable income.
The decease did not have a will.
A sibling was located living overseas which delayed the issuing of the Letters of Administration.
The dwelling was vacant from the date of death of the deceased until it was sold.
The date of settlement was just over two years from the date of death of the deceased.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 subsection 118-130(3)
Income Tax Assessment Act 1997 section 118-195
Income Tax Assessment Act 1997 subsection 118-195(1)