Private ruling: Income tax - capital gains tax - small business CGT concessions - EOT
Date of advice: 24 September 2019
Published: November 2019
Ruling period: Year ending 30 June 2018 | Year ending 30 June 2019 | Year ending 30 June 2020
Date scheme commenced: 1 July 2017

Ruling: Q1: Will the Commissioner allow an extension of time to allow the Trust to make a choice and apply the small business CGT concessions until 31 October 2019? | A1: Yes. After considering the relevant circumstances and factors the Commissioner considers it appropriate to grant an extension of time to allow you to make a choice to apply the small business CGT concessions. There would be no prejudice to the Commissioner or unsettling of people by allowing the extension. There is no mischief involved. The Commissioner considers it fair and equitable in these circumstances to exercise his discretion.

Relevant facts and circumstances: The Trust lodged it's 20XX-20XX income tax return on XX May 20XX. The Trust disposed of a property during the 20XX-20XX financial year which resulted in a capital gain. The Trust declared the capital gain in the income tax return but did not apply any of the small business CGT concessions. After lodging the return the Trust became aware that the basic conditions for accessing the concessions are satisfied in relation to the disposal of the property in the 20XX-20XX financial year. The trust is eligible to apply the small business CGT concessions and will choose to apply the small business 50% active asset reduction and the replacement asset roll-over.

Relevant legislative provisions: Income Tax Assessment Act 1997 subsection 103-25(1)(b)