Private ruling: Income tax – small business concessions – extension of time
Date of advice: 24 May 2019
Published: July 2019
Ruling period: Financial Year ending 30 June 2020 | Financial Year ending 30 June 2019
Date scheme commenced: 1 May 2019

Ruling: Q1: Will the Commissioner, pursuant to section 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997), allow an extension of time to X May 20XX under paragraph 152-80(1)(d) of the ITAA 1997 to allow the legal personal representative or beneficiaries of the Estate to access the small business CGT concessions? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time. Further information about the discretion can be found on our website ato.gov.au and entering ‘QC 52292’ into the search bar.

Relevant facts and circumstances: The deceased owned an asset with other Individuals which were used for 16 years in their business. The deceased passed away on XX May 20XX. There is an ongoing dispute regarding the ownership interests of the asset. The deceased was eligible to apply the small business concessions prior to their death. Assumption The asset is held as tenants in common.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 152-80