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Edited version of private advice
Authorisation Number: 1051757224335
Date of advice: 21 September 2020
Ruling
Subject: Extension of time for small business concessions
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?
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
Additional information
We have limited our ruling to the question raised in your application being whether an extension of time will be granted. The Commissioner has not considered your edibility for the small business CGT concessions in this ruling. You should ensure that you satisfy the basic conditions and any other relevant conditions.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You reported a capital gain event in your 20XX tax return electing to roll over a portion of the capital gain on disposal.
The gain was realised from the disposal of an asset and you elected to apply the rollover.
During the two-year period the taxpayer did not acquire a replacement asset that met the conditions due to an error.
The Taxpayer rectified the error and acquired a replacement asset on XX.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 104-190