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Edited version of private advice
Authorisation Number: 1051765960019
Date of advice: 9 October 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 allow an extension of time to the two year period to xxxx?
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 periods
Year ended 30 June 20XX
Year ending 30 June 20XX
The scheme commenced on
1 July 20XX
Relevant facts
Entity A died on xxxx.
Included in the estate was a property.
The property was the deceased's main residence.
This property was acquired before 1985.
A claim to contest the will was made against the estate.
This matter was not settled until after two years from the date of death of the deceased.
The settlement of the matter included the mode of selling of the property and related instructions.
The estate sold the property and settlement takes place in xxxx.
The property was not rented out by the estate.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-195