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Edited version of your written advice
Authorisation Number: 1051469464516
Date of advice: 21 December 2018
Ruling
Subject: Small business concessions - Commissioner’s discretion - extend the placement asset period
Question
Will the Commissioner extend the replacement asset period?
Answer
Yes.
Having considered your circumstances and the relevant factors the Commissioner considers it appropriate to grant an extension to the replacement asset period. Further information about the small business roll-over can be found by searching 'QC 52291' on ato.gov.au
This ruling applies for the following period
Year ending 30 June 2019
The scheme commences on
1 July 2018
Relevant facts and circumstances
You sold shares in a company.
You applied the small business CGT concessions to the capital gain you made on the disposal, including the small business roll-over.
The company went into liquidation and it became unclear how much consideration you would receive from the sale of your shares.
You experienced extensive legal discussions and negotiations over an extended period of time to determine what the final sale consideration would be.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190
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