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Edited version of private advice
Authorisation Number: 1051584134113
Date of advice: 26 September 2019
Ruling
Subject: Inherited dwelling
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 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. Further information on the relevant factors and inheriting a dwelling generally can be found on our website ato.gov.au.
This ruling applies for the following period:
Year ending 30 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
The dwelling was the Deceased's main residence and was not used to produce income.
You contested the will.
The court ordered that the dwelling be transferred to you.
Due to the time taken for the court action, the dwelling was not transferred to you until after the two year period from the Deceased's death had expired.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)