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Edited version of your written advice
Authorisation Number: 1051516881696
Date of advice: 23 May 2019
Ruling
Subject: Income Tax – Capital Gains Tax – Small Business Concessions
Question
Will the Commissioner exercise his discretion under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) and allow an extension of time to the replacement asset period?
Answer
Yes. Having considered your circumstances and the relevant factors the Commissioner considers it appropriate to grant an extension of the replacement asset period. Further information can be found by searching 'QC 52291' on ato.gov.au
This ruling applies for the following period(s)
Year ended 30 June 20XX
Year ended 30 June 20XX
Year ended 30 June 20XX
The scheme commences on
1 July 20XX
Relevant facts and circumstances
This ruling is based on the facts stated in the description of the scheme that is set out below. If your circumstances are materially different from these facts, this ruling has no effect and you cannot rely on it. The fact sheet has more information about relying on your private ruling
You are currently XX years old.
You were a partner in a partnership that carried on a business of primary production.
The business was located at the property.
Your spouse at the time was also a partner in the partnership
You have separated from your spouse and the separation is before the Family Court.
The property was sold as part of the distribution of family assets.
Not long after the property was sold settlement occurred on the property.
The funds from the sale of the property were frozen by the Family Court pending Family Law Settlement and Final Orders.
Approximately two years after the property was sold Final Orders were made by the Family Court.
Funds are still held on trust pending an agreement between you and your ex-spouse, without these funds you’re unable to purchase a replacement asset.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190