| 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: 1052101092959
Date of advice: 5 April 2023
Ruling
Subject: CGT - small business roll-over relief
Question
Will the Commissioner exercise the discretion in subsection 104-190(2) of the Income Tax Assessment Act 1997 to extend the replacement asset period to 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:
The year ended 30 June 20YY
The year ended 30 June 20YY
The year ending 30 June 20YY
The year ending 30 June 20YY
The scheme commenced on:
DD/MM/YYYY
Relevant facts and circumstances
You sold a business.
There were several factors outside your control that prevented the purchase of a replacement asset within the 2-year replacement asset period.
You are requesting an extension of time to the 2-year replacement asset period so you can source a replacement asset and apply the small business CGT roll-over concession.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 140-190(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).
