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Edited version of private advice
Authorisation Number: 1051716763095
Date of advice: 10 July 2020
Ruling
Subject: Capital gains tax - small business concessions - replacement asset 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 2020
The scheme commenced on
1 July 2019
Relevant facts
You acquired an agricultural property known as ''A'' after 20 September 1985. (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 for a significant period of time.
You have also inspected more than X properties and attended numerous auctions. However you have been unsuccessful in acquiring a replacement property.
The properties inspected have been in various states in Australia.
You Inspected a property in state B.
The property is currently operated as a farm.
You entered into a contract to purchase the property on XX 20XX.
Settlement occurred on XX 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 Section 104-190(2)
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