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.