Private ruling: CGT - small business concessions - deceased estate - EOT
Date of advice: 21 November 2019
Published: January 2020
Ruling period: Year ending 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Will the Commissioner, pursuant to subsection 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997), allow an extension of time to 27 June 20XX to allow the small business capital gains tax (CGT) concessions to be applied? | A1: 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.

Relevant facts and circumstances: You and your spouse (the deceased) acquired a property (the property) on XX July 19XX as joint tenants. The property was used in the business of ABC Pty Ltd (the company) from acquisition. Both you and the deceased were shareholders in the company. The deceased died on XX October 20XX and you inherited the deceased's interest in the property. The nature and complexity of the business and the property made it challenging to find a buyer causing the delay in disposal. You continued to operate the business using the property until its disposal. The property and the business were sold on XX June 20XX. The deceased would have qualified for the small business concessions if they had disposed of the property and business immediately prior to their death.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 152-80