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This edited version has been archived due to the length of time since original publication.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.

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Edited version of private advice

Authorisation Number: 1051585032621

Date of advice: 24 September 2019

Ruling

Subject: Small business concessions- replacement asset rollover

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 period:

Year ended 30 June 2018

The scheme commences on:

1 July 2017

Relevant facts and circumstances

You purchased a property (Property A).

In the meantime you were trying to sell your existing property (Property B).

Property B was listed for sale shortly after you purchased Property A.

Property B was eventually sold over 12 months after you purchased Property A.

You experienced delays in selling Property B due to the difficult selling conditions caused by the ongoing drought.

You satisfy the CGT small business concessions in relation to the sale of Property B.

Relevant legislative provisions

Income Tax Assessment Act 1997 section 104-185,

Income Tax Assessment Act 1997 section 104-190, and

Income Tax Assessment Act 1997 Division 152-E.