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Edited version of your written advice
Authorisation Number: 1051457313882
Date of advice: 28 November 2018
Ruling
Subject: Extension of time for exemption from capital gains tax
Question
Will the Commissioner grant an extension of time for exemption from capital gains tax?
Answer
Yes. Having considered your circumstances and the relevant facts, the Commissioner will allow an extension of time.
This ruling applies for the following period:
Year ending 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
The deceased died in 2016, having made a will dated 1984.
In 2017 probate was granted.
There were concerns as to the equitable division of the estate.
A deed of family arrangement was entered into in 2018.
A contract for sale of the property was entered into in September 2018; settlement occurred in October 2018.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195