| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051632976363
Date of advice: 06 February 2020
Ruling
Subject: Extension of time to two year exemption from CGT for a deceased main residence - health issues of the executor
Question
Will the Commissioner exercise the discretion under 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time 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 20XX to 30 June 20XX
The scheme commences on:
XX XXXX 20XX
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 deceased owned a property. The dwelling at the property (the dwelling) was their main residence at the time of their passing.
The dwelling is located on land that is less than two hectares.
The deceased's will appointed an Executor.
The deceased died more than two years ago.
Probate was granted after delay from circumstances around a severe illness of a family member.
The dwelling was subsequently listed for sale.
Settlement of the contract of sale over the dwelling was unexpectedly delayed for circumstances outside the executor's control.
The dwelling was sold and settled a number of months more than two years after the deceased's death.
The dwelling was not used for income producing purposes from the date of the deceased's death until it was sold.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subdivision 115-A
Income Tax Assessment Act 1997 section 102-20
Income Tax Assessment Act 1997 section 118-195
Income Tax Assessment Act 1997 section 104-10