Private ruling: CGT - small business concessions - deceased estate - extension of time
Date of advice: 4 November 2019
Published: January 2020
Ruling period: Year ended 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 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: The deceased died on XX August 20XX. The deceased and X were co-owners of suite a property, which was used in their partnership business. If the deceased had disposed of the property just prior to their death, they would have been eligible to claim the small business CGT concessions. The deceased's interest in the property was transferred to the deceased's spouse in April 20XX as beneficiary of the deceased's will. The property was placed on the market for sale in March 20XX. The property was sold on September 20XX, with settlement occurring December 20XX.

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