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Edited version of private advice
Authorisation Number: 1051630566332
Date of advice: 29 January 2020
Ruling
Subject: Extension of time for CGT exemption for deceased Estate - after life interest passed
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 the Commissioner will exercise his discretion and grant the extension under subsection 118-195(1) of the ITAA 1997.
This ruling applies for the following period:
1 July 2019 to the 30 June 2020
The scheme commences on:
1 July 2019
Relevant facts and circumstances
This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
The property was the deceased's main residence in 20XX at the time of passing. It has never been used for the purposes of producing assessable income. The deceased had acquired the property prior to 20 September 1985.
A life interest under the will, given to the deceased's friend, who used the property as their main residence, ended upon their passing in 20XX. The property had been the main residence of the life interest and they did not have an ownership interest in any other property.
The property was sold in the same year as the life interest ended.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)