Private ruling: Income tax – small business concessions – active asset test
Date of advice: 27 November 2018
Published: March 2019
Ruling period: Year ended 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Is the property an active asset for the purpo ses of the small business CGT concessions? | A1: Yes. You satisfy the conditions of the active asset test as you have used the asset for a total of at least X.X years in the course of carrying on a business and the main use of the asset was not to derive rent while the asset was used in the business. Further information on the concessions can be found by searching 'QC 44192' on ato.gov.au

Relevant facts and circumstances: You owned a property for more than XX years. For periods of your ownership you used the property in carrying on your business and during other periods of your ownership you leased out the property to an unrelated party. In total the property was used for more than X.X years in the course of carrying on your business. You sold the property in the year ended 30 June 20XX.

Relevant legislative provisions: Income Tax Assessment Act section 152-35 | Income Tax Assessment Act section 152-40