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Edited version of private advice
Authorisation Number: 1051815025587
Date of advice: 8 April 2021
Ruling
Subject: Small business concessions
Question
Will the Commissioner exercise his discretion under section 103-25(1)(b) of the Income Tax Assessment Act 1997 to allow an extension of time to XX June 20XX to make a written choice to apply the small business concessions?
Answer
Yes. Having regard to your circumstances it is considered appropriate to allow you an extension of time to XX June 20XX to make a written choice to apply the small business CGT concessions.
This ruling applies for the following period:
Year ended DD MM YYYY
The scheme commences on:
DD MM YYYY
Relevant facts and circumstances
On DD MM YYYY, you acquired 50% ownership interest in Company A.
On DD MM YYYY, a contract of sale for Company A was entered.
On DD MM YYYY, settlement of Company A occurred.
You are over the age of 55.
Due to the sale of your ownership interest in Company A, you each made a capital gain.
You intend to amend the 20XX-XX Income Tax Return to declare the capital gain made, apply the 50% active asset reduction and apply the Small Business Retirement Exemption.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 103-25
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