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Edited version of private advice
Authorisation Number: 1051522188606
Date of advice: 03 June 2019
Ruling
Subject: Small business concessions
Question
Did the capital gains tax event happen in connection with your retirement in accordance with section 152-105 of the Income Tax Assessment Act 1997?
Answer
Yes.
Having considered your circumstances and the relevant factors the Commissioner considers the disposal of the portions of the properties was in connection with your retirement. Accordingly, you satisfy the requirement in paragraph 152-105(d) of the ITAA 1997.
This ruling applies for the following period:
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You are transferring a share in your properties to relatives.
The properties have been used in your farming business for the whole of your ownership.
Recently you were seriously injured in an accident on the property. As a result of the accident you have not been involved in the running of the properties.
You are transferring your share in the properties to enable you to reduce your workload and will have a significant reduction in the number of hours worked.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 152-105