Private ruling: CGT - small business concessions
Date of advice: 4 September 2021
Published: November 2021
Ruling period: Year ended DD MM YYYY
Date scheme commenced: DD MM YYYY

Ruling: Q1: Will the Commissioner exercise discretion under section 152-125(4) of the Income Tax Assessment Act 1997 (ITAA 1997) to allow an extension of time to DD MM YYYY, for the taxpayer to apply the 15-year exemption under subdivision 152-B of the ITAA 1997? | A1: Yes. Having considered the relevant facts, the Commissioner will apply discretion under section 152-125(4) of the ITAA 1997 and allow an extension of the time to DD MM YYYY to allow the taxpayer to apply the 15-year exemption under subdivision 152-B of the ITAA 1997.

Relevant facts and circumstances: You commenced carrying on a small business. You sold your small business (consisting of assets, management of employees and clients). The purchaser has not secured the required finances to fulfil the contract of sale and therefore settlement has not occurred. The purchaser intends to fulfil the contract of sale by DD MM YYYY. You have determined that under subdivision 152-B of the ITAA 1997, you satisfy and intend to apply the Small Business Concession - 15 Year Exemption.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 152-125(4)


This ruling applies for the following period periods :