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Edited version of private advice
Authorisation Number: 1051826094874
Date of advice: 21 April 2021
Ruling
Subject: 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?
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 to purchase a replacement asset.
This ruling applies for the following periods:
Year ended DD MM YYY
The scheme commences on:
DD MM YYYY
Relevant facts and circumstances
Company x sold a medical practice.
Company x made a capital gain from the sale of the business.
Company x elected to apply the rollover in Subdivision 152-E of the ITAA 1997
The director of the company had a medical condition which delayed the acquisition of a replacement asset.
There was a legal dispute that also delayed the acquisition of a replacement asset.
Company x located two potential businesses to purchase and are near completion on negotiations.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190(2)
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