| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051845776197
Date of advice: 29 May 2021
Ruling
Subject: Small business concessions
Question
Will the Commissioner exercise discretion under section 103-25(1)(b) of the Income Tax Assessment Act 1997 (ITAA 1997) to allow you, an extension of time to DD MM YYYY to make a choice to apply the small business concessions?
Answer
Yes. There would be no prejudice to the ATO by allowing the extension. There is no mischief involved. The Commissioner considers it fair and equitable in these circumstances for an extension to be allowed. The Commissioner has granted an extension of time to make a valid choice.
This ruling applies for the following period:
Year ending DD MM YYYY
The scheme commences on:
DD MM YYYY
Relevant facts and circumstances
You owned a commercial property and operated a small business out of the commercial property.
You sold a commercial property and entered a leaseback agreement to continue operating the small business out of the commercial property.
You made a capital gain and are eligible to apply the Small Business CGT Concessions under Division 152 of ITAA 1997.
You intend to contribute the remaining capital gain to a superannuation fund and apply the Small Business Retirement Exemption.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 103-25(1)(b)
Income Tax Assessment Act 1997 Division 152-C
Income Tax Assessment Act 1997 Division 152-D
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
