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Edited version of private advice
Authorisation Number: 1051598115377
Date of advice: 25 October 2019
Ruling
Subject: Small business relief, replacement asset, extension of time
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 the specified date?
Answer
Yes. Having regard to your full circumstances, the Commissioner considers it would be fair and equitable for the purposes of section 104-190(2) of the ITAA 1997 to extend the replacement asset period to the specified date. 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 ended 30 June 2019
The scheme commences on:
1 July 2017
Relevant facts and circumstances
You acquired a replacement asset in 2017.
You sold an active asset active asset the following year, few months outside the 12 month replacement asset period.
The delay was outside your control, as you had been in discussions to sell your active asset, but were unable to do so within the period due to severe health issues impacting the potential buyers' family member.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subdivision 152-E
Income Tax Assessment Act 1997 Subsection 104-190(2)
Further issues for you to consider
This ruling has not considered your eligibility for the small business CGT concessions, including the small business rollover concession. You should ensure that you satisfy the basic conditions and the other conditions relevant for the concession. More information can be found at Capital gains tax concessions for small business, which is available on our website www.ato.gov.au.