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Edited version of private advice
Authorisation Number: 1051897655992
Date of advice:
Ruling
Subject: CGT small business concession
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 for You 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 company was in fact entitled to the small business CGT concessions.
More information about the concessions can be found by searching 'QC 22165' on ato.gov.au
This ruling applies for the following period periods:
Year ended DD MM YYYY
The scheme commences on:
DD MM YYYY
Relevant facts and circumstances
Person A and Person B had a partnership and operated a business.
On DD MM YYYY, Person A made a Will.
On DD MM YYYY, Person A passed away.
On DD MM YYYY, probate of the Will was granted.
Person B, Person C and Person D were appointed as joint executors and trustees of the Estate.
Due to defective testamentary planning, you have experienced a delay in administering the Will. The defective
testamentary planning specifically relates to the bequests of real and personal property.
You experienced a further delay in administering the Will due to COVID-19, specifically the forced lockdowns and
social distancing restrictions prevented and prolonged required travel and meetings.
The partnership would have met the conditions to apply the CGT Small Business Concessions, if the business had
been disposed of immediately before Person A's death.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 152-80(3)