| Disclaimer This edited version has been archived due to the length of time since original publication. It should not be regarded as indicative of the ATO's current views. The law may have changed since original publication, and views in the edited version may also be affected by subsequent precedents and new approaches to the application of the law. You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051530283878
Date of advice: 15 June 2019
Ruling
Subject: Small business rollover
This ruling applies to the beneficiaries of the trust and to the trustee and to any future trustees, for as long as the ruling remains current.
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 to 30 June 2019?
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 period:
Year ending 30 June 2019
The scheme commences on:
1 July 2018
Relevant facts and circumstances
You disposed of your business interest. You applied the small business rollover to the capital gain made on the disposal.
You acquired some assets within the two year acquisition period but this did not cover the entire rollover amount.
You actively demonstrated a continuous effort to find suitable replacement assets.
In XXXX you acquired a fish and chip shop and amount for the purchase covers the remaining asset rollover amount.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subsection 103-25
Income Tax Assessment Act 1997 Subsection 104-185
Income Tax Assessment Act 1997 Subsection 104-190