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Edited version of private advice
Authorisation Number: 1051531402379
Date of advice: 25 June 2019
Ruling
Subject: CGT-extension of time
Question
Will the Commissioner exercise his discretion to extend the 2 year period under section 118-195 of the Income Tax Assessment Act 1997?
Answer
Yes.Having considered your 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 X XXX 2019.
Further information on the relevant factors and inheriting a dwelling generally can be found on our website ato.gov.au and entering Quick Code QC52250 into the search bar at the top right of the page
This ruling applies for the following period:
Year ending 30 June 201D
The scheme commences on:
1 July 201C
Relevant facts and circumstances
The deceased died in the 201B income year.
The property was a pre CGT asset.
The property was the deceased's main residence until their death.
The property was less than 2 hectares.
The property was not rented out prior to their death or after their death.
The deceased's child who is also a beneficiary under the will lived with their family in the property as their main residence.
The deceased's child moved into the property in 201A to care for the deceased and remained in the property after the deceased went into a nursing home and after they passed away.
The property was sold in the 201E income year.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 118-195(1)