Private ruling: Small business CGT concessions - 15 year exemption
Date of advice: 13 February 2020
Published: April 2020
Ruling period: Year ending 30 June 2020
Date scheme commenced: 1 July 2019

Ruling: Q1: Can you disregard the capital gain you make on the disposal of the property under the small business 15-year exemption? | A1: Yes. You can disregard the capital gain you make on the disposal of the property as you will satisfy the basic conditions, are over 55 years old, the disposal will be in connection with your retirement and you have owned the property (an active asset) for more than 15 years. Further information can be found by searching 'QC 22165' on ato.gov.au.

Relevant facts and circumstances: You are over 55 years old. You acquired the property jointly with your spouse more than 15 years ago. The property has been used in a partnership business carried on by you and your spouse from the time of acquisition. The partnership is a CGT small business entity. You will retire from all business activities when the property is sold. You will make a capital gain on the disposal of the property.

Relevant legislative provisions: Income Tax Assessment Act 1997 Subdivision 152-A | Income Tax Assessment Act 1997 Subdivision 152-B | Income Tax Assessment Act 1997 section 152-10 | Income Tax Assessment Act 1997 section 152-40 | Income Tax Assessment Act 1997 section 152-105