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Edited version of private advice
Authorisation Number: 1051731098637
Date of advice: 14 August 2020
Ruling
Subject: Commissioner's discretion - extension to the replacement asset period
Question
Will the Commissioner exercise the discretion under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to allow an extension to the commencement of the replacement asset period to XX/XX/XXXX?
Answer
Yes. Having considered your circumstances and the relevant factors the Commissioner considers it appropriate to grant an extension to the commencement of the replacement asset period.
Note: We have limited our ruling to the question raised in your application being whether an extension of time will be granted. This ruling has not considered your eligibility for the small business concessions. You should ensure that you satisfy the basic conditions and any other relevant conditions. More information is available from www.ato.gov.au by searching for 'QC 22655'.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
I July 20XX
Relevant facts and circumstances
A property which adjoins one of your properties came onto the market unexpectedly and as you were seeking to increase your farm holding in one location rather than having farm holdings in multiple locations, you acquired it on XX/XX/XXXX.
You then made attempts to sell your property Z within 12 months of XX/XX/XXXX but were unable to do so due to several unforseen issues.
You sold Z on XX/XX/XXXX.
Relevant legislative provisions
Income Tax Assessment Act 1997 subsection 104-190(2)
Income Tax Assessment Act 1997 subdivision 152-E