Private ruling: Commissioner's discretion - extension of time to make a choice
Date of advice: 30 January 2026
Published: 23 March 2026
Ruling period: Year ended 30 June 20XX
Date scheme commenced: DD MM 20XX

Ruling: Q1: Will the Commissioner exercise his discretion under paragraph 103-25(1)(b) of the Income Tax Assessment Act 1997 (ITAA 1997) to allow you an extension of time to make a choice in writing to apply the retirement exemption to a capital gain that arose in the relevant income year? | A1: Yes. We do not consider that you have made a choice in relation to the small business CGT concessions in the relevant income year. The Commissioner will allow an extension of time until DD MM 20XX to make a choice to apply any available CGT small business concessions.

Relevant facts and circumstances: You were the owners of the Property. You carried on a business from the Property. You exchanged contracts to sell the Property to an unrelated purchaser on DD MM 20XX. Settlement of the Property took place over 2 years later, being a delayed settlement. When you lodged your tax return for the relevant income year, you did not include the capital gain as the settlement had not yet occurred.

Relevant legislative provisions: Income Tax Assessment Act 1997 paragraph 103-25(1)(b)