Published on 08 Dec 21
by THE TAX INSTITUTE
The Tax Institute welcomes the opportunity to make a submission to the Australian Taxation Office (ATO) as part of the consultation and review of Practical Compliance Guideline PCG 2019/5: The Commissioner’s discretion to extend the two-year period to dispose of dwellings acquired from a deceased estate (PCG).
Broadly, the PCG has provided a practical and useful guide for taxpayers seeking clarity around the operation and application of s 118-195 of the Income Tax Assessment Act 1997 (ITAA 1997). The PCG is a valuable resource and has enabled the administration of many estates to be undertaken in a more timely and cost effective manner.
However, there are some areas that we consider could be further improved.
The Tax Institute is Australia's leading professional association and educator in tax, with offices in most major cities. Focusing solely on tax, the Institute provides the best resources, education and networks. Our mission is to equip tax professionals with everything they need to demonstrate the highest level of expertise and increase the advancement of public knowledge and understanding.
We are also committed to propelling members into the future and onto the global stage with the introduction of the Chartered Tax Adviser designation.