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Edited version of your written advice
Authorisation Number: 1051500963678
Date of advice: 2 April 2019
Ruling
Subject: Main residence exemption for deceased estates
Question
Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the 2 year period until XX 2018?
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 acquired the property in XXXX.
● The property is less than 2 hectares.
● The deceased passed away in XXX.
● The property was the deceased’s main residence for the entire period of ownership.
● The property was never used for income producing purposes.
● The deceased was in a nursing home at the date of death.
● In XXXX, a contract of sale was signed by the purchaser and vendor.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)