Private ruling: CGT and small business concessions
Date of advice: 18 May 2019
Published: July 2019
Ruling period: Year ended 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Will the Commissioner exercise his discretion under subsection 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the time limit to allow the small business capital gains tax (CGT) concessions to be applied? | A1: Yes. Having considered your circumstances and the relevant factors the Commissioner considers it appropriate to grant an extension of time to access the small business concessions. Further information can be found by searching 'QC 52292' on ato.gov.au .

Relevant facts and circumstances: The deceased passed away during the 2014-2015 financial year. The main assets of the estate included business assets. The deceased was in a partnership up until their date of death. The Will of the deceased named varying beneficiaries with varied proportions. The administration of the estate has been delayed with disputes between the beneficiaries where legal representation had been engaged. In December 20XX all parties signed an agreement to settle. This agreement allowed for some of the assets to be transferred to the beneficiaries and the water licence was to be sold. The deceased met the conditions for the small business concessions just prior to their death.

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