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Edited version of private advice
Authorisation Number: 1051848905101
Date of advice: 8 June 2021
Ruling
Subject: Extension of time - small business 15 year exemption
Question
Will the Commissioner extend the time period under subsection 152-125(4) of the Income Tax Assessment Act 1997 (ITAA 1997) to DDMMYY for the payment of the CGT exempt amount to a CGT concession stakeholder to be exempt?"
Answer
Yes. You have provided an acceptable explanation the period of extension requested. It does not appear that there would be any prejudice to the Commissioner in allowing the extension. There would be no unsettling of people or unfairness to people in like positions or the wider public. There does not appear to be any mischief involved. It would be fair and equitable to allow an extension of time.
Accordingly, the Commissioner to extend the time period to DDMMYY.
This ruling applies for the following period periods:
Year ending 30 June 20XX
The scheme commences on:
1 July 2020
Relevant facts and circumstances
The Trust owned a commercial property.
The property was an active asset of the Trust for in excess of 15 years.
The Trust satisfies the conditions to qualify for the small business 15 year exemption in section 152-110 of the ITAA 1997.
The Trust sold the property on XX/XX/XXXX, with settlement occurring on XX/XX/XXXX. The agreement provides that the sale proceeds will be paid in instalments, with the final payment expected to be made on XX/XX/XXXX.
The Trust will continue to make payments of the CGT exempt amount to CGT concession stakeholders.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subdivision 152-B
Income Tax Assessment Act 1997 Section 152-110
Income Tax Assessment Act 1997 Section 152-125