Private ruling: Commissioner discretion
Date of advice: 24 February 2022
Published: May 2022
Ruling period: XXXX
Date scheme commenced: XXXX

Ruling: Q1: Will the Commissioner grant an extension of time to The Executor for the estate of the late A to make a trading stock election? | A1: Yes The Commissioner will grant an extension of time to XXXX. It is accepted that circumstances outside the control of the legal representatives prevented the trading stock election being made before XXXX.


Relevant legislative provisions: • Income Tax Assessment Act 1997 subsection 70-100


Facts and circumstances: A and B were partners in a primary production business with livestock. | On the XXXX A passed away. | B is the beneficiary that inherited A's interest in the livestock and executor of the estate. | On the XXXX B took ill and took some time to recover. | Probate documents were granted not long after XX Month XXXX.