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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: 1051876464122

Date of advice: 20 August 2021

Ruling

Subject: Small business CGT concessions

Question

Will the Commissioner exercise discretion under subsection 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the two-year period to DD MM YYYY?

Answer

Yes. Having considered the circumstances and factors, the Commissioner will exercise discretion under subsection 152-80(3) of ITAA 1997 and extend the two-year period to DD MM YYYY. For further information visit ato.gov.au and search for 'QC 52292'.

Further Information to Consider

We have limited our ruling to the question raised in your application being whether an extension of time will be granted. The private ruling on whether an extension of time will be granted was issued on this basis, that is, the Commissioner did not consider whether the client was in fact entitled to the small business CGT concessions. For further information visit ato.gov.au and search for 'QC 22165'.

This ruling applies for the following periods:

Year ended DD MM YYYY

The scheme commences on:

DD MM YYYY

Relevant facts and circumstances

The Deceased operated a business on a farm.

The Deceased had a Will and appointed two Executors (the Executors).

The Executors lived interstate and were required to travel to conduct the maintenance and sale of the farm.

There was an extended delay in acquiring Probate and having the Title Deeds transferred.

Upon the advice of financial counsellors, the Executors leased part of the farm to be maintained and personally maintained the remainder of the farm.

COVID-19 delayed the sale of the farm specifically due to lockdowns, travel restrictions and border closures.

The farm was sold which resulted in a capital gain.

Relevant legislative provisions

Income Tax Assessment Act 1997, subsection 152-80(3)


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