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Edited version of private advice
Authorisation Number: 1052044742910
Date of advice: 13 October 2022
Ruling
Subject: Commissioner's discretion - small business concession
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 DD MM 20XX to allow the small business capital gains tax concessions to be applied in relation to the Property?
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 20XX.
This ruling applies for the following period:
Year ending 30 June 20XX
The scheme commences on:
DD MM 2022
Relevant facts and circumstances
The individual purchased the property during the income year ended 30 June 200A used in the course of running their business.
The individual transferred the ownership and operation of the business during the income year ended 30 June 20XX as part of their retirement plans.
The individual passed away period during the income year ended 30 June 20XX.
Upon their death the property passed to the individual's estate.
Throughout the 2020-2022 income years, Covid-19 pandemic restrictions, made it difficult to prepare the property for sale and created significant delays in the sale of the property.
The property was sold on DDMM 2022, a few months past the two years from date of death.
Relevant legislative provisions
Subsection 152-80(3) Income Tax Assessment Act 1997