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Edited version of private advice
Authorisation Number: 1051857810500
Date of advice: 26 June 2021
Ruling
Subject: Small business concessions
Question
Will the Commissioner exercise the discretion under subsection 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the time limit to allow the small business capital gains tax concessions to be applied?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will exercise the discretion under subsection 152-80(3) of the ITAA 1997 and allow an extension of time to DD MM YYYY.
This ruling applies for the following periods:
Year ended DD MM YYYY
The scheme commences on:
DD MM YYYY
Relevant facts and circumstances
You and your spouse acquired a commercial property (the property) and were joint tenants.
You and your spouse used the property in a small business and was considered an active asset.
Your spouse passed away and the property was transferred to you.
Your spouse was entitled to the small business concessions at the time of death.
You were dealing with the death of your spouse and your previous accountant did not inform you of your tax obligations.
You sold the property.
Relevant legislative provisions
Income Tax Assessment Act 1997 Division 152
Income Tax Assessment Act 1997 Section 152-80