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Edited version of private advice
Authorisation Number: 1051701247904
Date of advice: 17 June 2020
Ruling
Subject: Capital gains tax (CGT) - small business concessions
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 to the specified date?
Answer
Yes. Having regard to your full circumstances, the Commissioner considers it would be fair and equitable for the purposes of section 104-190(2) of the ITAA 1997 to extend the replacement asset period to the specified date. 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 ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You live on a property in Australia where you operate a partnership.
You purchased a second property used in your partnership.
You purchased a third property.
Shortly after the purchase of second property you began to explore options for selling the third property.
The purchaser viewed the property and due to various reasons outside your control the negotiations were held up. The property sold and a capital gain event occurred.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190(2)
Income Tax Assessment Act 1997 Subdivision 152-E
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