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Edited version of your written advice
Authorisation Number: 1051458413889
Date of advice: 26 November 2018
Ruling
Subject: Small business replacement asset
Question
Will the Commissioner exercise his discretion under section 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period?
Answer
Yes.
Having regard to your full circumstances and the acceptable explanation of the steps you have taken to acquire a replacement asset, the Commissioner considers it would be fair and equitable for the purposes of section 104-185(1) of the ITAA 1997. Further information on the small business rollover can be found on by searching ‘QC52291’ on ato.gov.au.
This ruling applies for the following periods:
Year ended 30 June 2017
Year ending 30 June 2019
The scheme commences on:
1 July 2016
Relevant facts and circumstances
You operated two businesses for approximately six years.
The businesses were sold in 20XX.
Since the sale of the business, appropriate steps have been taken to acquire a replacement asset.
This commenced in 20XX and was delayed due to factors outside of your control.
It is expected this replacement asset will be completed by year ending 30 June 20XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subdivision 152-A
Income Tax Assessment Act 1997 Subdivision 152-E
Income Tax Assessment Act 1997 Subsection 104-185(1)
Income Tax Assessment Act 1997 Subsection 104-190(2)
Income Tax Assessment Act 1997 Section 104-197
Income Tax Assessment Act 1997 Section 104-198