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Edited version of private advice
Authorisation Number: 1051622797449
Date of advice: 7 January 2020
Ruling
Subject: Capital gains tax
Question
Will the Commissioner exercise his discretion in paragraph 103-25(1)(b) of the Income Tax Assessment Act 1997 (ITAA 1997) to allow an extension of time to make a choice under section 104-165(2) to disregard a capital gain?
Answer
Yes. Having considered your circumstances and the relevant factors the Commissioner considers it appropriate to grant an extension of the time limit in which to make a choice.
This ruling applies for the following period:
Year ended 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
You ceased to be an Australian resident in 2017.
You owned non-taxable Australian property at this time.
You lodged your 2018 tax return without declaring a capital gain.
You were not aware of the I1 event and the consequences of not making a choice.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 103-25(1)
Income Tax Assessment Act 1997 subsection 104-165(2)