Private ruling: Small business CGT concessions - extension of time
Date of advice: 2 September 2025
Published: 3 November 2025
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Will the Commissioner exercise the discretion under subsection 152-80(3) of the Income Tax Assessment Act 1997 to extend the time limit to allow the small business capital gains tax concessions to be applied to the interests in the blocks of land acquired from your late spouse? | A1: Yes. Due to delays with working with the bank regarding the line of credit held on the property you have been unable to transfer the property within the two-year time period. Having considered the circumstances of this particular case and the factors outlined above, the Commissioner is able to apply his discretion to extend the time limit.

Relevant facts and circumstances: You and your spouse were in partnership and operated a business. You and your spouse acquired two blocks of land. Your spouse passed away. You and your spouse held a line of credit with the bank which was secured against the land. Despite multiple attempts to have the facility updated or discharged following your spouse's death, the bank insisted on a full refinancing process. You repaid the line of credit. Despite repeated contact with the bank, the release of the bank's security interest did not occur until over two years after your spouse passed away.

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