| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051791966809
Date of advice: 17 December 2020
Ruling
Subject: Capital gains tax - small business concessions
Question
Will the Commissioner exercise his discretion under section 104-190(2) of the Income Tax Assessment Act 1997 to extend the replacement asset period in respect of the small business capital gains tax (CGT) replacement asset roll-over relief to DD MM YYYY?
Answer
Yes. Having considered the relevant facts, the Commissioner will apply his discretion under subsection 104-190(2) of the ITAA 1997 and allow an extension of the time for the asset to qualify as a replacement asset.
This ruling applies for the following period:
Year ended DD MM YYYY
The scheme commences on:
DD MM YYYY
Relevant facts and circumstances
You have a primary production business which operated on farmland.
You sold the farmland.
The farmland was considered an active asset.
You have applied the CGT replacement assetrollover as you intend to continue your primary production business in another location.
You have located suitable farmland in another location (replacement active asset).
You have requested an extension to purchase the replacement active asset, as the vendor will not sell without you first entering a X period lease.
You have been unable to locate any other suitable farmland.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).
