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Edited version of private advice
Authorisation Number: 1051530798867
Date of advice: 15 June 2019
Ruling
Subject: Small business rollover
Question
Will the Commissioner exercise his discretion under section 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period?
Answer
Yes. Having regard to your circumstances and the steps you are taking to acquire a replacement asset, the Commissioner considers it would be fair and equitable for the purposes of section 104-185(1) of the ITAA 1997. Further information on the small business rollover can be found on by searching 'QC52291' on ato.gov.au.
This ruling applies for the following period:
Year ending 30 June 2020
The scheme commences on:
1 July 2018
Relevant facts and circumstances
You disposed of your business interest in 20XX.
You were actively looking for a replacement asset for several months.
One of the businesses you inspected, in 20XX you engaged the services of an accounting firm to complete a due-diligence appraisal.
In 20XX you attempted to dispose of an asset to support this financial acquisition. This was unsuccessful.
In 20XX you made another offer on a replacement asset and your offer was rejected. You will make another offer on this business.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 103-25
Income Tax Assessment Act 1997 Subsection 104-185
Income Tax Assessment Act 1997 Subsection 104-190
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