EV 1052478453055currentnon-binding advice

CGT - 2-year discretion

Non-binding edited private advice. This is an edited version of private advice the ATO gave to a specific taxpayer about their own circumstances. You cannot rely on it — it is not binding and provides no protection for anyone else (see PS LA 2008/4). Use it as a guide to the ATO’s thinking, not as authority.

1

Will the Commissioner exercise the discretion under section 118-195 of the Income Tax Assessment Act 1997 (ITAA 1997) to allow an extension of time for you to dispose of your ownership interest in a dwelling in Australia and disregard the capital gain or capital loss you made on the disposal?

2

Yes This ruling applies for the following period : XX XXXXX 20XX The scheme commenced on: XX XXXXX 20XX

3

The Deceased passed away on a date provided. The Property was purchased pre-CGT. The property is less than 2 hectares in size. The property was the principal place of residence of the deceased at the time of death. No income has been derived from the property after the passing of the deceased. The property was left vacant after the deceased died and remained vacant until it was sold. The sale of the property was due to sensitive circumstances around the executor having a family member with significant health issues. The property was sold a few months after the 2-year period. On a date provided, a contract of sale was signed by the executor. At a later date the property settlement occurred.

4

Income Tax Assessment Act 1997 section 118-195