Private ruling: Capital gains tax: small business concessions: 15 year exemption
Date of advice: 15 June 2019
Published: August 2019
Ruling period: Year ending 30 June 20xx
Date scheme commenced: 1 July 20xx

Ruling: Q1: Are you retired for the purposes of subdivision 152-B of the Income Tax Assessment Act 1997 (ITAA 1997)? | A1: Yes, the Commissioner considers you are retired for the purposes of accessing the small business 15 year exemption in subdivision 152-B of the ITAA 1997.

Relevant facts and circumstances: You are over the age of 55. You acquired the property by gift in 19xx. The property has been used in a business carried on by you since acquisition. You will gift the property to your children. The business will be transferred as a going concern. You will retire from the business. You will continue part-time employment as an occupation. You will make a capital gain on the disposal of the property.

Relevant legislative provisions: Income Tax Assessment Act 1997 subdivision 152-B