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Edited version of private advice
Authorisation Number: 1051977672500
Date of advice: 10 May 2022
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 payments of the CGT exempt amount to be made to the CGT concession stakeholders?
Answer
Yes.
You have provided an acceptable explanation for 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 will allow an extension of time.
This ruling applies for the following periods:
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
1 June 20XX
Relevant facts and circumstances
The Company owned a property for more than 15 years.
The property was an active asset of a connected small business entity.
The property was sold.
You have determined that the Company satisfies the requirements of the Small business - 15 Year Exemption under Subdivision 152-B of the ITAA 1997 in relation to the property sale.
You stated the liquidation of the Company including the payments to CGT concession holders arising from the sale of the property have been delayed due to the owner's health issues.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subdivision 152-B
Income Tax Assessment Act 1997 Section 152-125(4)