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Edited version of private advice
Authorisation Number: 1052338273111
Date of advice: 03 December 2024
Ruling
Subject: Commissioner's discretion - deceased estate
Question 1
Will the Commissioner exercise their discretion under subsection 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the 2-year timeframe in relation to the disposal a property?
Answer 1
Yes. Having considered the relevant circumstances, particularly in relation to the delays caused by disputes over the estate, the Commissioner will exercise the discretion under subsection 152-80(3) of the ITAA 1997 to allow an extension of time.
This ruling applies for the following period:
Year ended XX June 20XX
The scheme commenced on:
XX July 20XX
Relevant facts and circumstances
The deceased owned a property which was used in the business they carried on through a company.
Shortly after the deceased's death there were serious and strong challenges against the which involved solicitors, barristers and mediation.
The executor of the estate had to familiarise themselves with the affairs of the deceased, whilst claims were being made against the company and the deceased personally and dealing with undeclared debts that they were unaware of.
An agreement for the disposal of the property was entered over X years after the deceased's death.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 152-80(3)