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Edited version of your written advice
Authorisation Number: 1051499766718
Date of advice: 01 April 2019
Ruling
Subject: Capital Gains Tax – Deceased Estate
Question
Will the Commissioner exercise his discretion to extend the 2 year period under section 118-195 of the Income Tax Assessment Act 1997 for a residential property situated in Australia?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an 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:
Year ended 30 June 2019
The scheme commences on:
1 July 2018
Relevant facts and circumstances
The deceased died some years ago, intestate.
The residential property was purchased by the deceased after 2000.
The property was used as the main residence of the deceased until the death of the deceased.
The deceased’s child resided at the property from before the death of the owner until the sale of the property, with settlement more than 2 years after the date of death.
Another relative made a claim against the estate which delayed the sale of the property.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 118-195(1).