Private ruling: Small business concessions
Date of advice: 20 March 2019
Published: May 2019
Ruling period: Year ending 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Do you meet the basic conditions for the small business CGT concessions on the transfer of the properties? | A1: Yes. You satisfy the basic conditions for the following reasons. A CGT event will happen in relation to a CGT asset of yours that will result in a gain. Additionally you carry on a business and your aggregated turnover is less than $2 million. You also satisfy the conditions of the active asset test as you have used the parcels of land for the entirety of your ownership period in the course of carrying on a business and the exceptions do not apply. Further information on the basic conditions can be found by searching 'QC 44192' on ato.gov.au

Relevant facts and circumstances: You own a number of farming properties on which you have always carried on a primary production business. Your aggregated turnover is less than $2 million. You are planning on disposing of your properties.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 152-10 | Income Tax Assessment Act 1997 section 152-35 | Income Tax Assessment Act 1997 section 152-47 | Income Tax Assessment Act 1997 section 328-115