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Edited version of private advice
Authorisation Number: 1051626403524
Date of advice: 14 January 2020
Ruling
Subject: CGT - deceased estate - 2 year discretion
Question
Will the Commissioner exercise the discretion under section 118-195 of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the two year time period until XX October 20XX?
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:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away XX July 20XX.
The deceased and B jointly acquired a property (the property) after 20 September 1985 and that was their main residence.
The deceased held a part interest in the property and B held the remaining interest in the property.
The deceased's will provided B with a right to reside in the property after the deceased's death.
The property has not been used for the purpose of producing assessable income.
B passed away on XX July 20XX.
The property was listed for sale on XX July 20XX.
The contract of sale was signed XX September 20XX.
The settlement occurred XX October 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195