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Edited version of your written advice
Authorisation Number: 4140045367598
Date of advice: 15 January 2018
Ruling
Subject: Capital Gains Tax – two year main residence exemption
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 the 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 and entering Quick Code QC52250 into the search bar at the top right of the page.
This ruling applies for the following period:
Year ending 30 June 2018
The scheme commences on:
1 July 2017
Relevant facts and circumstances
The deceased passed away.
The property was acquired by the deceased after 20 September 1985.
The deceased used the property as their main residence for the entire ownership period.
The property was never used for income producing purposes.
The deceased’s Will could not be located until XXXX.
X was granted administration of the deceased Estate.
The Administrator immediately took possession of the property and commenced the process to put it on the market.
The property settled.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)