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Edited version of private advice
Authorisation Number: 1051900138366
Date of advice: 15 September 2021
Ruling
Subject: CGT - small business concessions
Question
Will the Commissioner exercise discretion under subsection 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time until DD MM YYYY for the Small Business CGT Concessions to be applied?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will provide an extension of time until DD MM YYYY for you to apply the Small Business CGT Concessions. For further information regarding Small Business CGT Concessions for Deceased Estates, visit ato.gov.au and search for QC 52292.
Further issues for you to consider
We have limited our ruling to the question raised in your application. There may be related issues that you should consider including:
We have limited our ruling to the question raised in your application being whether an extension of time will be granted. You advised that the deceased would have been eligible to apply the small business CGT concessions if the deceased had disposed of the property prior to his death. The private ruling on whether and extension of time will be granted was issued on this basis, that is, the Commissioner did not consider the deceased's eligibility for the small business CGT concessions.
Further information about the concessions can be found by searching Quick Code QC22165 on ato.gov.au
This ruling applies for the following periods:
Year ended DD MM YYYY
The scheme commences on:
DD MM YYYY
Relevant facts and circumstances
The Deceased purchased a property and commenced a small business.
The Deceased passed away with a Will.
Th Executor of the Will engaged a real estate agency to sell the property.
The property was auctioned however did not sell.
The property was affected by two natural disasters and COVID-19, preventing potential buyers from accessing the property and therefore delaying sale.
The property was sold.
The deceased would have qualified for the Small Business CGT Concessions if the deceased had disposed of the property immediately before their death.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 152-80(3)