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Edited version of private advice
Authorisation Number: 1052023040442
Date of advice: 26 August 2022
Ruling
Subject: CGT - SBC - EOT - rollover relief
Question
Will the Commissioner exercise the discretion under subsection 104-190(2) ofthe Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period to DD MM YYYY?
Answer
Yes. Having considered the relevant facts, including the delay in negotiations with prospective business partners due to Covid-19 pandemic restrictions, the Commissioner has applied the discretion and will extend the replacement asset period to DD MM YYYY.
This ruling applies for the following periods:
Year ended 30 June YYYY
Year ending 30 June YYYY
The scheme commences on:
DD MM YYYY
Relevant facts and circumstances
You made a capital gains tax (CGT) gain in the year ending June YYYY.
The elected to apply the CGT small business roll-over concession to the CGT gain.
Your X-year period to acquire a replacement asset ceased on DD MM YYYY.
You are currently in negotiations with prospective partners to use the capital gain to purchase shares to form a new business.
Meetings with the prospective partners have been delayed due to the Covid-19 pandemic restrictions.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 104-190(2)
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