Where a primary production business or a prescribed business is transferred to a stepchild of the transferor, can a concession under Chapter 2 Part 10 apply?
Yes. The definition of ancestor means: • a parent or grandparent of the person or person’s spouse or • a spouse of a parent or grandparent mentioned in (a). Where an owner of a family buisness transfers business property to a stepchild, the transferor is considered to be an ancestor of the transferee, that is, the spouse of the transferee’s parent.
Related Questions
- Where a primary production business or a prescribed business is transferred to a stepchild of the transferor, can a concession under Chapter 2 Part 10 apply?
- I am carrying on a primary production business. Are there any special rules that apply to me in relation to my PAYG instalment?
- I am carrying on a primary production business. Are there any special rules that apply to me in relation to my GST instalment?
