Private ruling: Capital gains tax - small business concessions
Date of advice: 25 January 2019
Published: May 2019
Ruling period: Financial year ending 30 June 2018
Date scheme commenced: 1 July 2017

Ruling: Q1: Is the property an active asset for the purposes of the small business CGT concessions? | A1: Yes. You satisfy the conditions of the active asset test as you have used the asset for at least 7.5 years in the course of carrying on a business and the exceptions do not apply. Further information can be found by searching 'QC 44192' on ato.gov.au

Relevant facts and circumstances: This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling. You acquired a property located prior to 20 September 1985. (the property) The property was used as a rental property for a number of years. The property was then used in a business for at least 7.5 years. The business trades as ‘A’. The property has been used solely for the business of ‘A’ which had a turnover of less than $2 million. You do not reside in the dwelling. ‘B’ is your affiliate and does not carry on a business. You have sold the property and have made a capital gain.

Relevant legislative provisions: Income Tax Assessment Act 1997 subsection 152-10(d)