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Edited version of private advice
Authorisation Number: 1051604751854
Date of advice: 4 November 2019
Ruling
Subject: CGT - small business concessions - deceased estate - extension of time
Question
Will the Commissioner, pursuant to subsection 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997), allow an extension of time to allow the small business capital gains tax (CGT) concessions to be applied?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information on death and the small business CGT concessions can be found on our website, ato.gov.au by searching Quick Code QC52292.
This ruling applies for the following period:
Year ended 30 June 2019
The scheme commences on:
1 July 2018
Relevant facts and circumstances
The deceased died on XX August 20XX.
The deceased and X were co-owners of suite a property, which was used in their partnership business.
If the deceased had disposed of the property just prior to their death, they would have been eligible to claim the small business CGT concessions.
The deceased's interest in the property was transferred to the deceased's spouse in April 20XX as beneficiary of the deceased's will.
The property was placed on the market for sale in March 20XX.
The property was sold on September 20XX, with settlement occurring December 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 152-80