| 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: 1052030399527
Date of advice: 21 September 2022
Ruling
Subject: CGT - small business roll-over
Question
Will the Commissioner exercise the discretion to extend the replacement asset period pursuant to subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997), in respect of the small business roll-over under Subdivision 152-E of the ITAA 1997?
Answer
Yes.
Having regard to your circumstances including the ill health of the sellers which has delayed negotiations, the Commissioner considers the extension would be fair and equitable. Further information on the small business rollover can be found on by searching 'QC 52291' on ato.gov.au.
This ruling applies for the following period:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You are a primary producer.
You sold a primary production property which you owned with your then spouse.
The property sold was a small business capital gains tax active asset.
Your intention is to acquire a replacement asset by purchasing a primary production property from X. This aligns with your chosen career in primary production as well as the succession planning of your wider family.
The acquisition of this replacement asset had been put on hold due to recent serious ill health of X.
Around the time of applying for this private ruling X had again become well enough to recommence discussions about the sale of the property.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 104-190(2)
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).
