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Edited version of your written advice
Authorisation Number: 1051520928879
Date of advice: 22 May 2019
Ruling
Subject: Capital gains tax - small business concessions - extension of time
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 period
Year ending 30 June 2019
The scheme commenced on
1 July 2018
Relevant facts
You acquired an agricultural property in 20XX. (The property)
The property was used to operate a farming business.
You sold the property in 20XX.
You inspected numerous farming properties to locate a suitable replacement property. You were unable to locate a property that was appropriate for you.
You have also attended X auctions. However you have been unsuccessful in acquiring a replacement property.
Your family is also involved in the agricultural industry.
You purchased another property and a contract was entered into in 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190
Income Tax Assessment Act 1997 subsection 104-190(2)
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