Private ruling: Extension of time - small business 15 year exemption
Date of advice: 8 June 2021
Published: August 2021
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 2020

Ruling: Q1: Will the Commissioner extend the time period under subsection 152-125(4) of the Income Tax Assessment Act 1997 (ITAA 1997) to DDMMYY for the payment of the CGT exempt amount to a CGT concession stakeholder to be exempt?" | A1: Yes. You have provided an acceptable explanation the period of extension requested. It does not appear that there would be any prejudice to the Commissioner in allowing the extension. There would be no unsettling of people or unfairness to people in like positions or the wider public. There does not appear to be any mischief involved. It would be fair and equitable to allow an extension of time. Accordingly, the Commissioner to extend the time period to DDMMYY.

Relevant facts and circumstances: The Trust owned a commercial property. The property was an active asset of the Trust for in excess of 15 years. The Trust satisfies the conditions to qualify for the small business 15 year exemption in section 152-110 of the ITAA 1997. The Trust sold the property on XX/XX/XXXX, with settlement occurring on XX/XX/XXXX. The agreement provides that the sale proceeds will be paid in instalments, with the final payment expected to be made on XX/XX/XXXX. The Trust will continue to make payments of the CGT exempt amount to CGT concession stakeholders.

Relevant legislative provisions: Income Tax Assessment Act 1997 Subdivision 152-B | Income Tax Assessment Act 1997 Section 152-110 | Income Tax Assessment Act 1997 Section 152-125


This ruling applies for the following period periods :