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Edited version of private advice
Authorisation Number: 1051728603299
Date of advice: 30 July 2020
Ruling
Subject: Capital gains tax (CGT) - small business concessions
Question
Will the Commissioner exercise the discretion 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 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 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You sold an asset and made a capital gain for which you elected to apply the small business asset replacement rollover provisions as contained in Subdivision 152-E of the Income Tax Assessment Act 1997 (ITAA 1997).
You sought to apply the rollover amount into purchasing a replacement asset.
The delay in the process was as a result of factors out of your control.
The contract was finalised and a replacement asset was acquired less than two weeks after the expiry of the 2 year replacement asset period.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190(2)
Income Tax Assessment Act 1997 Subdivision 152-E