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Edited version of private advice
Authorisation Number: 1052218152915
Date of advice: 1 February 2024
Ruling
Subject:Commissioner's discretion - main residence exemption
Question
Will the Commissioner exercise 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 for the Property?
Answer
Yes. Having considered your circumstances and the relevant factors the Commissioner will allow an extension of time. Further information about the Commissioner's discretion can be found by searching ato.gov.au for 'QC 66057'.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commenced on:
XX XXXX 20XX
Relevant facts and circumstances
The Deceased died on XX XXXX 20XX.
The Deceased owned the Property, which was their main residence.
The Property has never been used to derive income and is on land of less than 2 hectares.
A clause of the Deceased's Will bequeathed the Property to multiple beneficiaries.
A clause granted a beneficiary (the Beneficiary) the right to reside in the Property for as long as they required.
The Beneficiary remained in the Property until moving out on XX XXXX 20XX.
During the time the Beneficiary remained in the Property they did not own any other property they considered to be their principal place of residence.
The Property has been sold. The contract was on signed XX XXXX 20XX and settlement occurred on XX XXXX 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195