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Edited version of private advice
Authorisation Number: 1052093939825
Date of advice: 6 April 2023
Ruling
Subject: CGT - small business roll-over
Question
Will the Commissioner exercise the discretion in subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period DD MM YYYY?
Answer
Yes. Having considered your circumstances and the relevant factors the Commissioner will exercise the discretion and extend the replacement asset period to DD MM YYYY.
This ruling applies for the following periods:
Year ending 30 June 20YY
The scheme commenced on:
1 July 20YY
Relevant facts and circumstances
You disposed of a capital gains tax (CGT) asset in the 20YY income year.
The disposal resulted in a capital gain to which you applied the small business CGT roll-over in Subdivision 152-E of the ITAA 1997.
The COVID-19 pandemic has made searching for and finding a suitable replacement asset difficult.
You are actively looking for a suitable replacement asset.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 104-190(2)
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