Private ruling: Small business concessions
Date of advice: 8 April 2021
Published: June 2021
Ruling period: Year ended DD MM YYYY
Date scheme commenced: DD MM YYYY

Ruling: Q1: Will the Commissioner exercise his discretion under section 103-25(1)(b) of the Income Tax Assessment Act 1997 to allow an extension of time to XX June 20XX to make a written choice to apply the small business concessions? | A1: Yes. Having regard to your circumstances it is considered appropriate to allow you an extension of time to XX June 20XX to make a written choice to apply the small business CGT concessions.

Relevant facts and circumstances: On DD MM YYYY, you acquired 50% ownership interest in Company A. On DD MM YYYY, a contract of sale for Company A was entered. On DD MM YYYY, settlement of Company A occurred. You are over the age of 55. Due to the sale of your ownership interest in Company A, you each made a capital gain. You intend to amend the 20XX-XX Income Tax Return to declare the capital gain made, apply the 50% active asset reduction and apply the Small Business Retirement Exemption.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 103-25