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Edited version of private advice
Authorisation Number: 1051635429116
Date of advice: 28 February 2020
Ruling
Subject: Capital gains tax
Question
Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend 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:
Year ending 30 June 2020
The scheme commences on:
1 July 2019
Relevant facts and circumstances
Your relative passed away.
You inherited a property from your relative.
Probate was granted.
The property was your relative's main residence.
The sale of the property was finalised.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)