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Edited version of private advice
Authorisation Number: 1051525743603
Date of advice: 1 June 2019
Ruling
Subject: Capital gains tax (CGT) and the small business concessions
Question
Will the Commissioner extend the replacement asset period to 20XX?
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:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
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 been searching for another asset to acquire.
You purchased a new active asset.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190.