Private ruling: Small business concession
Date of advice: 18 December 2019
Published: February 2020
Ruling period: 1 July 2018 to 30 June 2019
Date scheme commenced: 1 July 2018

Ruling: Q1: Are you eligible for the small business CGT concessions? | A1: Yes. Having considered your situation, you satisfy the basic conditions in Subdivision 152-A of the Income Tax Assessment Act 1997 . Further information can be found searching 'QC 52266' on ato.gov.au

Relevant facts and circumstances: After 20 September 1985 you and your spouse (you) acquired a property (the property) as joint tenants to use as a bed and breakfast business (the business). You provided details of the acquisition. The business commenced the same year under a trading name. You invested amount of capital in the business and incurred running expenses. You had a separate bank account for the business. You kept your records in cash book in excel format. You did not have a specific written business plan. You advertised your business through the local newspaper, signage, word to mouth and sponsorship. You have provided details of your activity including bookings over a number of years and the average length of stay. You provided additional services through the business such as breakfast and cleaning. You had an aggregated turnover of less than $2 million. In 2018 you sold the business for a specific amount.

Relevant legislative provisions: Income Tax Assessment Act 1997 Subdivision 152-A