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Edited version of private advice
Authorisation Number: 1051908349418
Date of advice: 9 October 2021
Ruling
Subject: Small business concession- deceased estate
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.
Further Information 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 client was in fact entitled to any small business CGT concessions.
This private ruling applies for the following periods:
Year ended DD MM YYYY
The scheme commences on:
DD MM YYYY
Relevant facts and circumstances
The Deceased operated a small business using a property.
The Deceased had a Will which was contested and delayed the sale of the property.
The property experienced natural disasters which further delayed the sale.
The property was sold, and settlement occurred.
Relevant legislative provisions
Income Tax Assessment Act 1997, subsection 152-80(3)