Private ruling: Capital Gains Tax- Small Business Concession, Extension of Time
Date of advice: 11 October 2021
Published: January 2022
Ruling period: 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 relevant facts, the Commissioner will exercise discretion under subsection 152-80(3) of ITAA 1997 and extend the two-year period to DD MM YYYY. Further Information to Consider We rule on the question raised and the facts provided upon application. This ruling is limited to the question requesting an extension of the two-year period under subsection 152-80(3) of the ITAA 1997 and on the assumption that you are entitled to apply the Small Business CGT Concessions under Division 152 of the ITAA 1997. The Commissioner has not considered your eligibility to apply the Small Business CGT Concessions.

Relevant facts and circumstances: You acquired an active asset with your partner. Your partner passed away and you were nominated Executor of the Estate. The complexity of the estate and the limited availability to professionals required to administer the estate due to COVID-19 restrictions delayed the granting of probate and the administration of the estate. When probate was granted the asset was immediately made available for sale. The asset was sold to an unrelated third party.

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