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Edited version of your written advice
Authorisation Number: 1051519599439
Date of advice: 20 May 2019
Ruling
Subject: Capital gains tax (CGT) and the small business concessions
Question
Will the Commissioner extend 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 periods:
Year ending 30 June 2019
Year ending 30 June 2020
The scheme commences on:
1 July 2017
Relevant facts and circumstances
You sold a business asset and the associated CGT event occurred on 20xx.
You made the choice to utilise the small business concession rollover in your 20xx-xx financial year income tax return.
You have identified a property which you intend to enter into a contract to purchase in the near future, subject to an improvement in seasonal conditions.
The severe drought in the area has impacted on your ability to purchase the replacement property.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190