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Explain in your own words the tax policy reason behind section 118-195 Income tax Assessment Act...

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Finance

Explain in your own words the tax policy reason behind section118-195 Income tax Assessment Act 1997 with respect to deceasedestates. In so doing discuss why the commissioner has been giventhe discretion to extend the two year period . Your answer must besupported by reference to legislation case law and tax rulings ifany... note: Australian taxation law

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3.8 Ratings (730 Votes)
Here Subsection 1181951 of the ITAA 1997 all references in this Part are to this Act provides us the capital gains tax CGT exemption for beneficiary or trustee of deceased estate where the CGT event happens the dwelling or an ownership interest in a dwelling acquired from a deceased estate An exemption shall be provided where the following conditions will be satisfied The beneficiary or trustees ownership interest in dwelling ends within two years of the deceaseds death Just before the deceaseds death for the postCGT dwellings the dwelling was their main residence    See Answer
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