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Edited version of your written advice
Authorisation Number: 1051426398062
Date of advice: 7 September 2018
Ruling
Subject: Capital gains tax - replacement asset rollover - extension
Question
Will the Commissioner exercise the discretion available under subsection 124-75(3) of the Income Tax Assessment Act 1997 (ITAA 1997) to provide you with an extension of time until the requested date in 201C to acquire replacement assets?
Answer
Yes. Having considered your circumstances and the relevant factors, the Commissioner will allow a further extension of time.
This ruling applies for the following periods:
Year ending 30 June 201D
The scheme commenced on:
1 July 201C
Relevant facts
You acquired a commercial rental property. (The property)
The property was acquired prior to 20 September 1985.
The property was compulsorily acquired in 201A.
You received $xxx in compensation in 201A.
You were involved in ongoing negotiation in relation to additional amounts of compensation.
You received the final amount of $xxx less legal fees in 201C.
You have been actively seeking other assets to purchase. So far you have acquired one replacement asset for $xxx settlement occurring in 201B.
You have not used the remaining amount on replacement assets yet because you have not been able to find another suitable property.
You have inspected a number of properties and for a variety of reasons have decided not to proceed with a purchase.
Relevant legislative provisions:
Income Tax Assessment Act 1997 – Subsection 124-75(3)