Private ruling: CGT - small business concessions
Date of advice: 10 September 2021
Published: November 2021
Ruling period: DD MM YYYY
Date scheme commenced: DD MM YYYY

Ruling: Q1: Will the Commissioner exercise discretion under paragraph 152-125(1)(b) of the Income Tax Assessment Act 1997 (ITAA 1997) to allow an extension of time to DD MM YYYY in accordance with subsection 152-125(4) of the ITAA 1997, so that the payments made to a CGT concession stakeholder can be disregarded under subsection 152-125(2) of the ITAA 1997? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow an extension of time up to DD MM YYYY under paragraph 152-125(1)(b) of the ITAA 1997 and in accordance with subsection 1852-125(4) of the ITAA. Further information can be found by searching 'QC 52288' on ato.gov.au. Further Information On DD MM YYYY, you applied for a private ruling requesting an extension of time under section 152-125(1)(b) of the ITAA 1997. On DD MM YYYY you were granted an extension of time to DD MM YYYY (Authorisation Number: 123).

Relevant facts and circumstances: You owned a small business. You sold the small business as a going concern. You and the Purchaser had a Business Sale Agreement drawn up however it was not signed. The Purchaser commenced making payments as per the Business Sale Agreement. The Purchaser informed you of several concerns which could not be resolved and you entered a payment dispute. You and the Purchaser are currently in negotiation trying to resolve the payment dispute.

Relevant legislative provisions: Income Tax Assessment Act 1997 paragraph 152-125(1)(b) | Income Tax Assessment Act 1997 subsection 152-125(2) | Income Tax Assessment Act 1997 subsection 152-125(4)


This ruling applies for the following period periods :