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Will the Commissioner exercise the discretion under subsection 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the time limit, allowing the Executors to liquidate the shares in Company X that were acquired by the deceased after 20 September 1985?

Yes, due to the difficulties the executors have experienced in selling the property, the Commissioner will exercise the discretion under subsection 152-80(3) of the ITAA 1997 to extend the time limit allowed for the liquidation of shares. This ruling applies for the following periods : Year ending 30 June 2021 Year ending 30 June 2022 Year ending 30 June 2023 Year ending 30 June 2024 The scheme commenced on: 1 July 2020

Person A passed away when they were over 55 years of age. At this time of their death Person A was the sole shareholder of Company X. Approximately 1/3 of the shares held by Person A in Company X were acquired after 20 September 1985 (post-CGT shares). Company X owns a property that was used throughout its ownership by Person A in a business that Person A carried on, either alone or at times in partnership. At the time of their death Person A conducted the relevant business as a sole trader. The Executors previously confirmed by private ruling that they were entitled, under section 152-80 of the ITAA 1997, to apply the CGT Small Business Concessions to the disposal or liquidation of the 9000 shares that the deceased acquired post-CGT. A number of attempts and agreements to sell the property have fallen through. The property has not been sold in order to allow the liquidation of the relevant shares within the 2-year statutory period. The Executors have provided a thorough explanation of their previous and continuing efforts to sell the property

Income Tax Assessment Act 1997 subsection 152-80(3)