Private ruling: Commissioner’s discretion
Date of advice: 8 March 2019
Published: May 2019
Ruling period: Year ending 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 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 will allow an extension of time. Further information about death and the small business CGT concessions can be found by searching 'QC 52292' on ato.g ov.au

Relevant facts and circumstances: The Deceased owned post-CGT land. The Deceased actively used the land in their business until their death. The Deceased satisfied the small business CGT concessions basic conditions. The land was left to you in the will of the deceased. Problems during the administration of the estate delayed the property being transferred to you until over two years after the Deceased’s death. You were not the executor of the Estate and therefore had no control over the administration of the Estate. Executors were not open to the idea of selling the land while the Estate still retained ownership. Your intention has always been to sell the land. Efforts to sell the property began immediately after you were notified that the title had transferred to you and the property was sold X months after this.

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