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Edited version of private advice
Authorisation Number: 1051721698596
Date of advice: 21 July 2020
Ruling
Subject: Capital gains tax (CGT) - small business concessions - replacement asset
Question
Will the Commissioner extend the replacement asset period to DD/MM/YYYY?
Answer
Yes. Having considered your circumstances and the relevant factors the Commissioner will extend the replacement asset period. Further information about the small business roll-over can be found by searching 'QC 52291' on ato.gov.au
This ruling applies for the following periods
Year ended 30 June 2020
Year ended 30 June 2021
The scheme commenced on
1 July 2018
Relevant facts and circumstances
You sold a business asset and made a capital gain.
You chose to apply the small business roll-over to the gain.
For reasons outside your control you did not acquire a replacement asset within 2 years of the disposal of the original business asset.
You will acquire a replacement asset before DD/MM/YYYY.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190(2)
Income Tax Assessment Act 1997 Subdivision 152-E
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