| Disclaimer 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: 1051808954586
Date of advice: 1 March 2021
Ruling
Subject: CGT - small business concessions - extension of time for a deceased estate
Question
Will the Commissioner exercise his discretion under subsection 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the time limit to allow for the sale of the business property until DDMMYY?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner is able to apply the discretion under subsection 152-80(3) of the ITAA 1997 and allow an extension of time until the settlement date of DDMMYY for the commercial property.
Further information on the small business CGT concessions and how they apply when someone has passed away can be found on our website: ato.gov.au by searching quick code QC52292.
This ruling applies for the following periods:
Income year ended 30 June 20XX
Income year ended 30 June 20YY
The scheme commences on:
AABBCC
Relevant facts and circumstances
You are the executor of your mother's deceased estate.
You're the deceased passed away on DDMM 20WW.
Probate was delayed due to an issue involving a government department.
The deceased owned a commercial property.
A private company (the Company) has conducted a business from this property for many years.
The deceased was a director of the Company initially and sole shareholder in recent years until her death.
You have been a director of the Company since 200X and sole shareholder since the deceased's death.
You ran the business at the property for a number of years.
Since the deceased passed away you tried to cease business and sell the property.
Besides the delay in probate, the type of property also limited its sale potential.
You have sold the property and ceased business. The property settled on DDMMYY.
The Deceased was eligible to apply the small business CGT concessions prior to their death.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 152-80(3)