Tax Laws Amendment (2011 Measures No. 9) Act 2012 (12 of 2012)

Schedule 6  

Part 8   Extensions of time

Income Tax Assessment Act 1997

95   Subsection 118-200(3)

Repeal the subsection (not including the notes), substitute:

(3) However, you can adjust the formula by ignoring any non-main residence days and total days in the period from the deceased’s death until your *ownership interest ended, if:

(a) the deceased *acquired the ownership interest on or after 20 September 1985; and

(b) your ownership interest ends within:

(i) 2 years of the deceased’s death; or

(ii) a longer period allowed by the Commissioner; and

(c) you get a more favourable result by doing so.