Private ruling: CGT - small business concessions
Date of advice: 26 March 2021
Published: May 2021
Ruling period: Income year ended 30 June 20AA | Income year ended 30 June 20BB | Income year ended 30 June 20CC | Income year ended 30 June 20DD
Date scheme commenced: XXYYZZ

Ruling: Q1: Will the Commissioner exercise his discretion under subsection 152-80(3) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the time limit to allow for the sale of the business property until DDMMYY? | A1: Yes. Having considered your circumstances and the relevant factors, the Commissioner is able to apply the discretion under subsection 152-80(3) of the ITAA 1997 and allow an extension of time until the settlement date of DDMMYY for the commercial property. Further information on the small business CGT concessions and how they apply when someone has passed away can be found on our website: ato.gov.au by searching quick code QC52292

Relevant facts and circumstances: The decease passed away on XXYYZZ. The deceased owned commercial property which were compulsorily acquired by the State Government as part of land acquisition for infrastructure development. On completion of the infrastructure the deceased purchased back several lots of land. The deceased operated a business on the land during the whole period of ownership of the land. In his will the deceased left a lot of land to you and some of your siblings. Due to the wishes of the relevant State Government department and local Council, and subsequent issues with the registration of the land, the sale of the land was delayed. It was not until DDEEFF that you and your siblings were granted title in the land. The land was sold within 6 months and settled on DDMMYY

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