| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051535423281
Date of advice: 1 July 2019
Ruling
Subject: Deceased estate - extension of time
Question
Will the Commissioner exercise the discretion under subsection 118-195(1) of the Income Assessment Act 1997 (ITAA 1997) and allow an extension of time to the two year period?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information about this discretion can be found by searching 'QC 52250' on ato.gov.au
This ruling applies for the following period:
Year ending 30 June 2019
The scheme commences on:
1 July 2018
Relevant facts and circumstances
The deceased purchased a property prior to 20 September 1985 and resided in the property as their main residence until they passed away. The dwelling was not used for income producing purposes.
The property was less than two hectares in size.
The Public Trustee was named as the executor for the estate.
The deceased's partner was granted a life tenant interest in the dwelling. Beneficiaries were named with entitlement to the dwelling after the life tenant's interest ends.
Probate was subsequently granted.
The deceased's partner passed away.
Shortly thereafter, some of the remaining beneficiaries signed an agreement to sell the property.
There were issues with contacting a beneficiary to sign the contract, delaying the sale of the property.
Settlement occurred more than two years after the deceased's death.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subdivision 115-A
Income Tax Assessment Act 1997 Section 102-20
Income Tax Assessment Act 1997 Section 118-195
Income Tax Assessment Act 1997 Section 104-10
Income Tax Assessment Act 1997 Subsection 118-195(1)