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Edited version of private advice
Authorisation Number: 1051635278175
Date of advice: 21 February 2020
Ruling
Subject: Income tax - capital gains tax - two year discretion
Question
Will the Commissioner exercise the discretion under subsection 118-195(1) of the ITAA 1997 and extend the 2 year period?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner is able to apply his discretion under subsection 118-195(1) of the ITAA 1997 and allow an extension of time. Further information on the relevant factors and inheriting a dwelling generally can be found on our website ato.gov.au using the Quick Code QC52250.
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 purchased the property in April 20XX.
The property was the Deceased's main residence for the entire ownership period.
The Deceased died in October 20XX.
There was a court proceeding which delayed the sale of the property.
In December 20XX you sold the property and settlement occurred in January 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)