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Edited version of private advice
Authorisation Number: 1051756614373
Date of advice: 17 September 2020
Ruling
Subject: Small business concessions
Question
Will the Commissioner exercise his discretion under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period?
Answer
Yes. Having regard to the particular circumstances of your case and the information provided, the Commissioner has applied the discretion and will extend the replacement asset period.
This ruling applies for the following periods:
Year ending 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commences on:
2 November 20XX
Relevant facts and circumstances
You sold your goodwill asset and elected to use the elected to use the small business replacement asset rollover concession.
You are investigating business opportunities in another state, however due to COVID-19 travel restrictions you are unable to travel to this state to progress with the business opportunities.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subdivision 152-E
Income Tax Assessment Act 1997 section 104-190
Income Tax Assessment Act 1997 section 104-197