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Edited version of your private ruling
Authorisation Number: 1051609406529
Date of advice: 28 November 2019
Ruling
Subject: Commissioner's discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997
Question
Will the Commissioner exercise the discretion to subsection 118-195(1) of the Income Tax Assessment Act 1997 by way of an extension?
Answer
Yes, the extension is granted under the discretion at subsection 118-195(1) of the ITAA1997.
This ruling applies for the following period
1 July 2018 to the 30 June 2019
The scheme commences on:
1 July 2015
Relevant facts and circumstances
The property was the deceased's main residence in 20XX at the time of passing.
A sale agreement was made with a family member at the time of the deceased passing which was reasonable, convenient and likely to be timely.
Events out of the parties control unexpectedly delayed the family member from being able to purchase the estate.
Once the delay to finances was over, the sale of the estate occurred immediately.
If not for the unexpected delays outside of the party's' control, the sale of the estate would have occurred within the two year period.
Relevant legislative provisions
Subsection 118-195(1) of the ITAA 1997.