EV 1052050820816currentnon-binding advice

Assessable income - trading stock

Non-binding edited private advice. This is an edited version of private advice the ATO gave to a specific taxpayer about their own circumstances. You cannot rely on it — it is not binding and provides no protection for anyone else (see PS LA 2008/4). Use it as a guide to the ATO’s thinking, not as authority.

1

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)?

2

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

3

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.

4

Income Tax Assessment Act 1997 section 70-100