Private ruling: Small business concession - sale of unit Trust
Date of advice: 17 July 2019
Published: September 2019
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Are you eligible to apply the 15 year exemption in Subdivision 152-B upon the sale of your interest in the Trust? | A1: Yes. You satisfy the basic conditions for the small business concession under section 152-10 of Subdivision 152-A upon the sale of your units. You are over 55 years old and you have owned the active asset for more than 15 years. The Commissioner also considers that the CGT event has happened in connection with your retirement. Further information can be found by searching 'QC 52288' on ato.gov.au

Relevant facts and circumstances: You owned more than a 20% interest in a trust. More than 80% of the assets of the trust were active assets. The relevant business had an aggregated turnover that is below $XXX. You satisfy the maximum net asset value test. You sold your units prior to date/mth/20XX and you and your spouse retired upon the sale. You have provided details of the relevant entities including deeds and distributions. You are over 55 years of age.

Relevant legislative provisions: Income Tax Assessment Act 1997 Section 104-10 | Income Tax Assessment Act 1997 Section 108-5 | Income Tax Assessment Act 1997 Division 152 | Income Tax Assessment Act 1997 Subdivision 152-A | Income Tax Assessment Act 1997 Section 152-10 | Income Tax Assessment Act 1997 Subsection 152-10(1A) | Income Tax Assessment Act 1997 Subsection 152-10(1AA) | Income Tax Assessment Act 1997 Subsection 152-35(1) | Income Tax Assessment Act 1997 Subsection 152-35(2) | Income Tax Assessment Act 1997 Section 152-40 | Income Tax Assessment Act 1997 Section 152-40(1) | Income Tax Assessment Act 1997 Section 152-105 | Income Tax Assessment Act 1997 Section 152-110