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Edited version of private advice
Authorisation Number: 1051620558284
Date of advice: 15 January 2020
Ruling
Subject: Extension for deceased estate CGT exemption for main residence
Question
Will the Commissioner exercise the discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension to the two year period?
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:
1 July 2018 to the 30 June 2019
The scheme commences on:
1 July 2018
Relevant facts and circumstances
The dwelling was the deceased's main residence at the time of passing, more than two years ago.
The will was challenged by some the beneficiaries, which delayed the winding up of the estate for a period of time.
The dwelling passed to you as a beneficiary alone.
The dwelling was sold at auction and settled more than two years after the deceased's passing.
The dwelling is land that is less than two hectares in size.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-10
Income Tax Assessment Act 1997 subsection 118-130(3)
Income Tax Assessment Act 1997 section 118-195
Income Tax Assessment Act 1997 subsection 118-195(1)