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Edited version of private advice
Authorisation Number: 1051531371400
Date of advice: 15 June 2019
Ruling
Subject: Capital gains tax: small business concessions: 15 year exemption
Question
Are you retired for the purposes of subdivision 152-B of the Income Tax Assessment Act 1997 (ITAA 1997)?
Answer
Yes, the Commissioner considers you are retired for the purposes of accessing the small business 15 year exemption in subdivision 152-B of the ITAA 1997.
This ruling applies for the following periods:
Year ending 30 June 20xx
The scheme commences on:
1 July 20xx
Relevant facts and circumstances
You are over the age of 55.
You acquired the property by gift in 19xx.
The property has been used in a business carried on by you since acquisition.
You will gift the property to your children.
The business will be transferred as a going concern.
You will retire from the business.
You will continue part-time employment as an occupation.
You will make a capital gain on the disposal of the property.
Relevant legislative provisions
Income Tax Assessment Act 1997 subdivision 152-B
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