Private ruling: Deceased estate, two years discretion
Date of advice: 20 September 2018
Published: November 2018
Ruling period: Year ended xx xx 20xx
Date scheme commenced: Xx xx 20xx

Ruling: Q1: Will the Commissioner exercise his discretion under subsection 118-195(1) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time to the two year to xx xx 20xx to claim small business concession on the disposal of the property at X? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time to xx xx 20xx. Further information about this discretion can be found by searching 'QC 52250' on ato.gov.au

Relevant facts and circumstances: The late X passed away on xx xx 20xx. One of the beneficiaries disputed the will. As a result, cases were brought before the x on xx xx 201xx and concluded on xx xx 20xx. On xx April 20xx a case was brought before the x. This case concluded on xx xx 20xx. Following the conclusion of the last case, the property was put on the market for sale.

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 118-195(1) Further issues for you to consider | This ruling has not fully considered your eligibility for the small business capital gains tax concessions. You should ensure that you satisfy the relevant conditions for the concessions and the additional conditions for shares held in a company. More information is available on ato.gov.au if you search for QC 52301.