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Edited version of your written advice
Authorisation Number: 5010050111205
Date of advice: 4 June 2018
Ruling
Subject: CGT - deceased estate
Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (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
This ruling applies for the following period:
Year ending 30 June XXXX
The scheme commences on:
1 July XXXX
Relevant facts and circumstances
The deceased passed away.
The property situated was acquired by the deceased prior to 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.
Probate was granted.
The property was marketed for sale.
An auction took place but was passed in with no bidders.
A new sales and marketing agreement was signed.
The property sold.
The property settled.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 118-195(1)