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Edited version of your written advice
Authorisation Number: 1051517202008
Date of advice: 20 May 2019
Ruling
Subject: Commissioner’s discretion
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 of the replacement asset period. Further information can be found by searching 'QC 52291' on ato.gov.au
This ruling applies for the following periods:
Year ended 30 June 2015
Year ended 30 June 2016
The scheme commences on:
1 July 2014
Relevant facts and circumstances
You incurred a capital gain from the sale of a small business.
You satisfy the small business concessions basic conditions.
You applied the small business concessions and rolled over the capital gain.
Within the two year replacement asset period you began the process of starting up a new business.
The funds spent on the replacement assets were delayed and just outside the two year replacement asset period due to illness and issues with the council.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190
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