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Edited version of private advice
Authorisation Number: 1052413966040
Date of advice: 11 July 2025
Ruling
Subject: Small business concessions - extension of time to make an election
Question
Will the Commissioner exercise the discretion in subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period?
Answer
Yes. Taking your circumstances into account the Commissioner will exercise the discretion to extend the replacement asset period.
This ruling applies for the following periods:
Year ended 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commenced on:
1 July 20XX
Relevant facts and circumstances
You carried on a business using your asset.
You had used your asset for your business from the date of purchase until the sale date.
You made a capital gain on the sale of your asset.
More than 2 years have passed since you signed the contract on the sale of your asset and you have not yet acquired a replacement for this asset.
You provided us with details on the reason for delay in purchasing a replacement asset.
Relevant legislative provisions
Income Tax Assessment Act 1997 Division 124
Income Tax Assessment Act 1997 Subdivision 152-E
Income Tax Assessment Act 1997 subsection 104-190(2)