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Edited version of private advice
Authorisation Number: 1051727248829
Date of advice: 24 July 2020
Ruling
Subject: Small business concessions
Question
Will the Commissioner extend the replacement asset period to 30 June 20XX in accordance with section 104-190 of the Income Tax Assessment Act 1997 (ITAA 1997)?
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.
Settlement did not occur until XXXX.
You operated a cattle farming business from the property.
The property was also your main residence.
You made the choice to utilise the small business concession rollover.
You have been searching for another property to acquire.
Despite searching, you have not yet found a suitable replacement property.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190.