| Disclaimer This edited version has been archived due to the length of time since original publication.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: 1051626071059
Date of advice: 13 January 2020
Ruling
Subject: CGT - deceased estate - two year discretion - EOT
Question
Will the Commissioner exercise the discretion under section 118-195 of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the two year time period to XX December 20XX?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time to XX December 20XX. 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 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The deceased passed away XX March 20XX
The deceased owned a property which they used as their main residence.
The property has not been used for the purpose of producing assessable income.
The Estate was subject to family provision claims as well as litigation involving the executors appointed under the will.
The Supreme Court handed down orders resolving the family provision claims and appointed an Administrator on XX May 20XX.
The property was sold with settlement being completed on XX December 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 118-195