| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051763346059
Date of advice: 02 October 2020
Ruling
Subject: Small business concessions - extension to replacement asset period
Question
Will the Commissioner exercise his direction under subsection 104-190(2) of the Income Tax Assessment Act 1997 (ITAA 1997) to extend the replacement asset period to XX/XX/XXXX?
Answer
Yes. Having considered the relevant factors, and the particular circumstances of your case, the Commissioner has applied his discretion and will extend the asset replacement period to XX/XX/XXXX.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
This ruling applies for the following period:
Year ended 30 June 2022
The scheme commences on:
1 July 2021
Relevant facts and circumstances
You conducted a farming business on land you owned from XX/XX/XXXX to XX/XX/XXXX.
You entered into a contract of sale for the land on XX/XX/XXXX with settlement occurring on XX/XX/XXXX.
You continue to operate in the agriculture industry and have made numerous enquiries into acquiring farmland as a replacement asset.
Due to extraordinary events outside of your control, you have been unable to acquire a replacement asset within the allowable time period.
Relevant legislative provisions
Income Tax Assessment Act 1997 Subdivision 152-E
Income Tax Assessment Act 1997 section 104-190