Private ruling: Small business concessions
Date of advice: 9 April 2021
Published: June 2021
Ruling period: Year ended 30 June XXX
Date scheme commenced: 1 July XXXX

Ruling: Q1: Will the Commissioner exercise the discretion under subsection 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the time limit to XXXX to allow the small business capital gains tax (CGT) concessions to be applied on the properties in the Deceased Estate? | A1: Yes. Having considered the information provided, the Commissioner is able to apply the discretion under section 152-80(3) of the ITAA 1997 and allow an extension of time. Further information can be found on our website, ato.gov.au, by searching quick code 'QC52292'.

Relevant facts and circumstances: The deceased passed away on XXXX. The deceased used the land in their business operation and was eligible to apply the small business CGT concessions. A number of properties form part of the deceased estate. Following the deceased's death, the Legal Personal Representatives (LPR's) have continued to operate the business while there were delays in the sale of the properties. The Tax Agent has requested an additional extension of time, to allow for the properties to be sold and for all outstanding legal matters of the Estate to be finalised.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 152-80 | Income Tax Assessment Act 1997 Subsection 152-80(3)