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Edited version of private advice
Authorisation Number: 5010064442851
Date of advice: 12 December 2019
Ruling
Subject: CGT - small business concessions - deceased estate - extension of time
Question
Will the Commissioner, pursuant to subsection 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997), allow an extension of time to allow the small business capital gains tax (CGT) concessions to be applied?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information on death and the small business CGT concessions can be found on our website, ato.gov.au by searching Quick Code QC52292
This ruling applies for the following period:
Year ended 30 June 2019
The scheme commences on:
01/07/2018
Relevant facts and circumstances
The deceased died in X 20XX.
The deceased held an active asset.
The active asset was sold on Y 20XX.
The active asset would have been sold within the 2 year period but there was a contest to the Will which delayed the sale process.
If the deceased had disposed of the asset just prior to their death, they would have been eligible to claim the small business CGT concessions.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 152-80