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Edited version of private advice
Authorisation Number: 1051584658247
Date of advice: 24 September 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 for a property situated until XX XXXX 2019?
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 XX 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 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased died in the 20XX income year.
The property was the deceased's main residence until their death.
The property was less than X hectares.
The property was not rented out prior to their death or after their death.
The property was sold in the 20XX income year.
The delay in selling the property was due to proving the validity of a will.
Medical reports were required to determine if the deceased had the capacity to make a will in.
On X XXXX 20XX the Supreme Court gave permission for administration of the estate to occur.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 118-195(1).