Private ruling: CGT small business concessions
Date of advice: 14 July 2021
Published: September 2021
Ruling period: Year ended DD MM YYYY
Date scheme commenced: DD MM YYYY

Ruling: Q1: Will the Commissioner exercise discretion under subsection 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997) and extend the two-year period to DD MM YYYY? | A1: Yes. Having considered the circumstances and factors, the Commissioner will exercise discretion under subsection 152-80(3) of ITAA 1997 and extend the two-year period to DD MM YYYY. For further information visit ato.gov.au and search for 'QC 52292'. Further Information for You to Consider We have limited our ruling to the question raised in your application being whether an extension of time will be granted. The private ruling on whether an extension of time will be granted was issued on this basis, that is, the Commissioner did not consider whether the company was in fact entitled to the small business CGT concessions. More information about the concessions can be found by searching 'QC 22165' on ato.gov.au

Relevant facts and circumstances: Person A and Person B had a partnership and operated a business. On DD MM YYYY, Person A made a Will. On DD MM YYYY, Person A passed away. On DD MM YYYY, probate of the Will was granted. Person B, Person C and Person D were appointed as joint executors and trustees of the Estate. Due to defective testamentary planning, you have experienced a delay in administering the Will. The defective testamentary planning specifically relates to the bequests of real and personal property. You experienced a further delay in administering the Will due to COVID-19, specifically the forced lockdowns and social distancing restrictions prevented and prolonged required travel and meetings. The partnership would have met the conditions to apply the CGT Small Business Concessions, if the business had been disposed of immediately before Person A's death.

Relevant legislative provisions: Income Tax Assessment Act 1997 subsection 152-80(3)


This ruling applies for the following period periods :