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Edited version of private advice
Authorisation Number: 1051857002399
Date of advice: 30 June 2021
Ruling
Subject: Extension of time
Question 1
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 the small business capital gains tax concessions to be applied in relation to the Property?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will exercise the discretion under subsection 152-80(3) of the ITAA 1997 and allow an extension of time to XX/XX/XXXX.
Further information can be found on our website, ato.gov.au, by searching quick code 'QC52292'.
Question 2
Will the Commissioner exercise his discretion under subsection 118-195(1)(b) of the ITAA 1997 to extend the time limit to allow the main residence exemption to be applied in relation to the Property?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will exercise the discretion under subsection 118-195(1)(b) of the ITAA 1997 and allow an extension of time to XX/XX/XXXX.
Further information on the relevant factors and inheriting a dwelling generally can be found on our website, ato.gov.au, by searching quick code 'QC 52245'.
This ruling applies for the following period
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You are the beneficiary of a deceased estate. The deceased passed away more than two years ago.
The deceased operated a primary production business on the property and would have been able to access the small business concessions immediately prior to their death.
The will was contested, with a settlement being reached on XX/XX/XXXX. The property was transferred to you on XX/XX/XXXX.
You have requested an extension of time to be able to dispose of the property to allow you to access the small business concessions to the extent that the deceased could have immediately prior to their death. You also wish for an extension of time to be able to dispose of the deceased's main residence.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 118-195
Income Tax Assessment Act 1997 Section 152-80