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Edited version of private advice
Authorisation Number: 1051773643169
Date of advice: 9 November 2020
Ruling
Subject: Small business concession - replacement asset period
Question
Will the Commissioner exercise his discretion under section 104-190(2) of the Income Tax Assessment Act 1997 to extend the replacement asset period in respect of the small business capital gains tax (CGT) replacement asset roll-over relief?
Answer
Yes.
Having considered the relevant facts, the Commissioner will apply his discretion under subsection 104-190(2) of the ITAA 1997 and allow an extension of the time to XX/XX/XXXX.
This ruling applies for the following period:
Year ended 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
The company entered into a contract on XX/XX/XXXX to sell their business to an unrelated third party.
As a small business entity, the company chose to utilise the small business replacement asset concession
Due to extraordinary events outside of their control, the company has 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