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Edited version of private advice
Authorisation Number: 1052050820816
Date of advice: 27 October 2022
Ruling
Subject: Assessable income - trading stock
Question
Will the Commissioner grant an extension of time to The Executor of the estate of the late Person A to make a trading stock election under section 70-100(7) of the Income Tax Assessment Act 1997 (ITAA 1997)?
Answer
Yes.
The Commissioner will grant an extension of time to specified date. It is accepted that circumstances outside the control of the legal representatives prevented the trading stock election being made before a specified date.
This ruling applies for the following periods:
Year ended 30 June 20XX
Year ended 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
11 March 20XX
Relevant facts and circumstances
The late Person A and Person B were partners in a primary production business with livestock.
On a specified date Person A passed away.
Person B is the beneficiary that inherited Person A's interest in the livestock and the executor of his estate.
There was a delay in the probate documents being granted for Person B to take their role as the legal representative of Person A's estate. You provided us with details on the delay.
Person B underwent two surgeries interstate.
Probate documents were granted on a specified date.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 70-100