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Edited version of your written advice

Authorisation Number: 1051453161933

Date of advice: 14 November 2018

Ruling

Subject: CGT – small business concessions – EOT replacement asset

Question

If you choose to apply the small business rollover to any remaining capital gain from the disposal of the properties, will the Commissioner exercise his discretion under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period to XX October 20XX?

Answer

Yes

Having considered the relevant factors, and the particular circumstances of your case, the Commissioner has applied his discretion and will extend the asset replacement period to XX October 20XX.

This ruling applies for the following periods:

Year ended 30 June 2019

Year ending 30 June 2020

Year ending 30 June 2021

The scheme commences on:

1 July 2018

Relevant facts and circumstances

On XX September 20XX you entered into contracts for the sale of the property, which will result in a capital gain.

Under the contract for sale the following payments will be made:

You have considered potential replacement properties within the replacement period, however the properties considered did not match your business needs.

You are continuing to look for a suitable replacement property which is within your price range and matches your business needs.

Relevant legislative provisions

Income Tax Assessment Act 1997 subsection 104-190(2)

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